Part 2: Three decades after the 1991 crisis, India’s record Forex reserves have transformed the country from a crisis-prone borrower into an economy with a formidable external shock absorber. AI generated image Three decades ago, India had so few dollars...

Part 1: The journey from US$1.2 billion in reserves to US$729.3 billion is one of India’s great economic transformations. Part I examines how the foundations were laid. India once had enough foreign exchange to pay for barely two weeks of...