It is, however, critical that we prepare well to meet the challenges of uncertainties. Our structural vulnerabilities, including those arising out of macro-economic imbalances in the external and fiscal fronts need to be addressed. This is not to say that we will then become immune from global shocks.
Therefore, we will need to build our resilience to such shocks as countries like India with deeper fault lines are more vulnerable to the vagaries of capital flows. It is imperative to have deeper financial markets which enable absorption of such shocks with relatively greater equanimity.