In August 2013, India was on the brink of a financial crisis. The rupee had plunged to a record low against the dollar and stocks were plummeting amid growing worries over the health of the country’s economy.
While a broader emerging markets sell-off caused by the US Federal Reserve’s decision to scale back the pace of its monetary stimulus programme was partly to blame, India’s financial markets were also suffering from slowing growth and a lack of financial reforms.
The crisis is still
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