Deepak Mohanty, executive director at the Reserve Bank of India (RBI), gave a speech last week outlining the measures taken by the Indian central bank both to tackle the global financial crisis and then to deal with the prospect of Fed tapering last year.

The Reserve Bank, he said, "like most other central banks, took a number of conventional and unconventional measures to limit the adverse impact of the contagion on the Indian financial markets and the economy". The measures, Mohanty pointed