A decade ago, India’s economy underwent a rollercoaster ride when the US Federal Reserve (Fed) first hinted at raising policy rates and oil prices breached the US$90/barrel threshold. The current account deficit (CAD) in fiscal year 2013 was 4.7% of GDP (and it reached 6.1% of GDP in one of the quarters), and the foreign exchange reserve stood at approximately INR 292 billion. Inflation stood at 10%, and the fiscal deficit was around 4.5%. Spooked by weakening economic fundamentals, investors quickly started withdrawing funds from the capital markets and consequently, the rupee depreciated significantly against the US dollar in 2013, losing over 20% of its value.