Introductory Memo
India’s economic story over the last decade cannot be understood only through growth numbers or political debates. Behind every policy decision stood a world hit by pandemics, wars, fuel shocks, trade disruptions, and rising geopolitical uncertainty. From COVID-19 and the Russia–Ukraine war to the Red Sea crisis and US tariff pressures, India has faced an unusually turbulent global environment. Yet despite these overlapping shocks, the economy continued to grow, build infrastructure, and maintain stability. The bigger question is not whether challenges exist, but how India managed to withstand them.