It is a big deal to have this to have happened now and not before 2008, which would have got India to the same boat as many other developed countries.
It is not as panicky as it is been reported in the news, even the national media is going haywire with it. Most of the newspapers are exaggerating events. I have traveled about 100+ km (~60mi) in the last two days. I've seen a lot of lines going into banks and ATMs. However, all services are much better than normal, only slower due to the volume.