Chapter

The Global Economic Crisis: Impact on India and Policy Responses

Rajiv Kumar and Pankaj Vashisht

in The Global Financial Crisis and Asia

Published in print October 2012 | ISBN: 9780199660957
Published online January 2013 | e-ISBN: 9780191748981 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199660957.003.0008
The Global Economic Crisis: Impact on India and Policy Responses

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India's financial sector is not deeply integrated with the global financial system, which spared it the first round adverse effects of the global financial and economic crisis and left Indian banks mostly unaffected. However, as the financial crisis morphed in to a full-blown global economic downturn, India could not escape the second round effects. The chapter discusses how the global crisis has affected India through three distinct channels: financial markets, trade flows, and exchange rates and identifies policy measures to restore the Indian gross domestic product growth back to its potential rate of 8–9% per year.

Keywords: Indian economy; policy response; impact of crisis; financial sector integration; trade

Chapter.  6530 words.  Illustrated.

Subjects: Financial Markets

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