π‘οΈ 2008 crisis shaped India's finance game
The global financial crisis, originating in the US housing market, severely impacted India's economy. The Sensex dropped 37.9% in 2008, and GDP growth slowed to 6.7% in 2008-09. Despite this, India's banking system largely held up due to cautious integration and safeguards. The RBI cut rates significantly, and the government offered fiscal support during this time. Since then, India has strengthened its financial resolution frameworks, like the IBC enacted in 2016. π