India sailed through the Great Crisis of 2008-09 without barely skipping a beat. But celebration may be premature. As the aftershocks in Southern Europe suggest, the post-crisis world is likely to remain a very treacherous place for some time to come. Although India has one of Asia's most balanced--and therefore, resilient--macro structures, it can ill afford to ignore ever-present stresses and strains in the external environment. For India, the crisis and its aftermath should be viewed as a wake-up call--a time to sharpen its focus on the challenges and opportunities shaping its development journey.

Read India's Post-Crisis Reality Check