Shaktikanta Das, Governor, Reserve Bank of India, in a keynote address on the topic, Sailing through Turbulence: Indias Tryst with Financial Stability said the Indian economy has been sailing "smoothly" amid the global headwinds. In recent years, the global economy has gone through a period of continual and unprecedented shocks. This was a period of Great Volatility as distinct from the earlier era of Great Moderation. Complex and varied shocks of a global pandemic, supply chain disruptions, wars, geopolitical conflicts and climate change hit the global economy very hard. These were not typical shocks dealt with in textbooks or having standard policy responses. Sailing through this turbulent period has, therefore, been a daunting challenge for every country including India, he stated. Amidst these headwinds and contradictions, the Indian economy is sailing through smoothly, powered by buffers like strong macro-economic fundamentals, stable financial system and resilient external ...