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Global Financial Crisis and the Indian Economy
Introduction The global financial meltdown, leading to global financial crisis and consequent economic recession in developed economies, has been a major factor in the recent global economic slowdown. Given the origin and dimension of the crisis in the developed countries, some economists have described it as the worst since the Great Depression of 1930s. Paul Krugman, who won the Nobel Prize in economics in 2008, termed it as the beginning of a second Great Depression. The crisis has also had its impact on the developing countries, and every developing country has suffered to a varying degree. No country, including India, remained immune to the global economic shock. The objective of this paper is to analyze the impact of the crisis on the Indian economy and to study the effects of the various measures taken by the government to revive the economy.
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