Second, we have political system stability in India though there have been coalition governments at the federal level. We are aware that most of the currency crises in developing countries occurred around the times of political elections, particularly in countries with the presidential form of government. Our experience in India is that political cycles have had a relatively muted impact on financial stability.
In any case, sociopolitical preference for greater financial stability needs to be appreciated and the weight accorded to financial stability in India appears to be higher than in some other countries.