This paper overviews financial liberalization in three South Asian countries — Bangladesh, India and Pakistan — in … contrast, needed external rescue only once. India did better than Pakistan and Bangladesh, most likely because it followed a …

After the global financial crisis, India was exposed to many external shocks from commodity prices and foreign capital … deficit (CAD) contributed to India's vulnerability to external shocks. The major source of shocks was external, but policy … mistakes increased India's vulnerability. These included inadequate attention to sectoral bottlenecks that reduced export …