East Asia suffered a financial crisis in 1997 - the so-called Asian Flu.
A description of what happened may help Indians get a better sense of possible scenarios.
There were many similarities and also many differences.
One point in common was that the East Asians had high current account deficits and too much overseas debt.
Quite a lot of overseas liabilities were of private businesses.
In India, overseas corporate debt amounts to nearly 30 per cent of all overseas obligations.