What is a black swan event?

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In a Reserve Bank of India paper, the authors allude to the risk of black swan event, saying that it may lead to outflows of Rs 7.8 trillion from India. What are black swan events? We explain it here

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The Black Swan Theory refers to unforeseen events of massive scale which are hard to predict. There is no scientific model which can predict these events. These events occur not just in business, politics, and nature but in stock markets as well.
Source: The Economic Times

Gurci
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“No amount of observations of white swans can allow the inference that all swans are white, but the observation of a single black swan is sufficient to refute that conclusion.” — John Stuart Mill

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What is a Black Swan event?
Necessary and sufficient conditions
Jørgen Veisdal - Sep 6, 2019
Source: Cantor's paradise

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If you like the theme - Black Swan event - access the cited sources now. If you only like birds, go too...!

Gurci