India: leading the world

Despite the global nature of the financial crisis, emerging markets - and particularly Indian financial institutions - have managed to avoid the worst

Demand destruction in global markets is one of the largest crises to hit the developed world in decades. The US financial sector is in the middle of a crisis and it is not yet clear how quickly, or effectively, the bailout package will start working. However, despite the global nature of these events, emerging markets - and particularly Asian banks - have managed to avoid the very worst of the crisis. Growth has slowed but remained steady, and at a level which some Western economies could only dream of. India's financial sector continues to be relatively insulated from the global meltdown...