Since the initiation of economic reforms in 1991, India's integration into the world economy has been remarkably rapid. Hence, India's economy cannot remain insulated from global economic trends.
Beginning in September 2008, the Indian economy came under pressure, owing to the effects of the global financial crisis which later turned into an economic recession in most developed countries of the world.
The contagion was initially felt in the equity markets due to the reversal of foreign institutional portfolio flows. With a sharp tightening of global liquidity, India's banks and corporations saw their overseas financing drying up. The response – by the government, the Reserve Bank of India, and the Securities and Exchange Board of India – was swift and adequate. The result was India could successfully tide over the adverse situation.
This volume contains 13 research articles – authored by scholars on economic policy matters – which provide deep insights into the origin, causes, and impacts of global recession on India. Remedial measures adopted by governments worldwide are also discussed.
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