Chapter

Lecture 4

T.N. Srinivasan

in Growth, sustainability, and India's Economic Reforms

Published in print August 2011 | ISBN: 9780198076384
Published online September 2012 | e-ISBN: 9780199080854 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198076384.003.0004
Lecture 4

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This chapter covers the period 2009–11. It addresses the global financial crisis, its possible determinants, and the ongoing recovery that seems as yet (in early 2011) to be faltering globally. It explores the impact of the crisis and India's relatively swift recovery compared to the developed countries. As China experienced a greater slowdown and also faster recovery as compared to the developed countries, the discussion compares China's response to the crisis with India's. It emphasizes that India's growth slowdown had started prior to the financial crisis for structural reasons, and that recovery from the impact of the crisis alone would not be adequate for addressing the structural causes of the growth slowdown. It also argues that much of the talk of a so-called ‘stimulus’ expenditure in India in 2008–9 was misplaced. Finally, it reviews empirical studies on accounting of India's growth and discusses future growth prospects.

Keywords: global financial crisis; recovery; India; China; slowdown; growth slowdown; stimulus expenditure

Chapter.  15343 words. 

Subjects: Economic Development and Growth

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