Ever wondered what/who saved India from the global financial turmoil? Our Prime Minister and company would say, it was our strict regulation on banking/financial system. Well said but what were these restriction doing when some people played spoil-sport with our financial system some years ago via share-scams...!
Sorry to say but I've entirely different thinking on the rather safe plight of India in the global financial crisis. India has a vast non-monetaized sector and a staggering army of poor or not-so-rich who could invest in our miraculous innovations in financial sector. How can those who barely meet to square meals, should invest in these. And it was this fact that saved India. If Indian would also have large investment in financial market, they would also have been facing the same crisis even more severely. This is a naked truth whether anyone would like to accept it or not. So, dear fellow economists and dear PM (alongwith your hugh army of think-tanks) your regulation has not saved us but government's failure to erradicate poverty has. Doesn't feel good...sorry, can't help it.
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