The Indian Economy in an Ever More Volatile and Complex World - Special Address by Dr. Poonam Gupta, Deputy Governor, Reserve Bank of India at the 13 th SBI Banking & Economics Conclave on September 23, 2026 -
It is my pleasure to be here at the SBI’s 13 th Banking and Economics conclave to share my views on the Indian economy and put them in the global context-- a context that is becoming increasingly more volatile and complex. In my brief comments, I will discuss the challenges that the global economic backdrop has posed for all emerging markets including India, how the Indian policymakers have addressed these challenges to both alleviate immediate pain and turn them into opportunities, and what the near future may look like for us. I. The Global Context 2. The global economic context has become less conducive since the global financial crisis of 2008-09. Several structural shifts have impacted the growth and policy outlook for emerging market economies, including peaking of global trade, ageing societies, climate risks, and stretched public finances. While the COVID crisis of 2020-21 added an unprecedented layer of shock and complexity to the global backdrop, a fresh wave of shocks since 2022, has further aggravated it. These recent shocks include two back-to-back commodity and energy shocks amidst unending geopolitical conflicts, policy uncertainty and tariff-led disruptions in trade
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