Post global financial crisis, triggered first by the US to all the advanced countries entered into

a long recession, which Paul Krugman termed it as a grandfathers recession. It had its spill
over in emerging markets likeas their exports were affected.
The chaos of recession was further compounded when con.Europe entered into debt crisis.
With the exception of Germany, which reaped more export surplus with the help of euro and
its improved productivity. With Germany willing to act as a lender of last resort to help the
debt ridden Eurozone, this reign experience painful fiscal tightening and more austerity
measures.
Substantial quantity.easing helped speed up recovery since 2012/15. However, in the
recent times, china, and major super power, which benefitted from Rest of Worlds aggregate
demand, found itself in a vulnerable position of lowest growth, faexports, and stock
market collapse, leading to a minor dose of devaluation of remit, which made a headline
news. And as predicted by one of the authors of this paper, the seen wild doles came very
recently.
Thanks to sensible and responsible monetary policy of Raguram Rajan, our former RBI
governor, and this toughin .. yielding to Finance Ministry to lower interest, some kind of
stability of inflation was ..in th,,,.the ,,,of,,,of may essential remained high
More importantly, the external value of the rupee remained stable and in a land of blind, India
was a one eyed economy, as Raguram Rajan aptly put it.

India had always remained as an underperforming economy below its true potential, and RRs
efforts and initiative to cleanse the banking sector and his concern over its NPAs did not
received the attention that it deserved.
In September, Raguram Rajan returned back to the realm of ideas of economics at Chicago
and by end of September, the voluntary disclosure of did not yield much of modis shock
of democame on 8th November at 8 PM to sup and silence.