According to a report released by Moody's Ratings, India has emerged as one of the most resilient large emerging markets since 2020, effectively managing global shocks through early policy reforms and robust foreign exchange reserves. The report highlights that India's clear and predictable monetary policy frameworks, including inflation targeting implemented before recent disruptions, have helped anchor inflation expectations and bolster its capacity to withstand external shocks. Notably, India's large foreign exchange reserves have played a crucial role in stabilizing currency volatility during turbulent times. The analysis compares India with other emerging markets such as Mexico, Indonesia, Brazil, South Africa, and Thailand, noting that India has absorbed shocks primarily through price adjustments rather than financing stress, benefiting from deeper local markets and stronger policy credibility. However, the report also cautions that India's relatively high debt levels and weak fiscal balance could limit its ability to respond effectively to repeated shocks. In contrast, countries like Turkey, Argentina, and Nigeria are deemed less prepared due to incomplete policy reforms.