This is because our expectations were shaped by the Asian crisis a decade ago where we came out relatively unscathed. The reason we got hit by the 2008 crisis is that between the Asian crisis of the late 1990s and the global financial crisis of 2008, India’s integration with the world has deepened as evidenced by the numbers in the table below.
BIS central bankers’ speeches  7  India’s deepening global integration As percentage of GDP 1998/99  2008/09  (Export+Import)/GDP  20  41  Two way (capital+current flows) / GDP  44  112  48.