The international financial crisis and its impact on India

C. Rangarajan, ex- RBI governor and member Rajya Sabha, speaks on where India stands today and what needs to be done

The world is passing through a difficult time. More so, the developed world. The industrially advanced countries are now officially in recession, having had two consecutive quarters of negative growth. It is not known at this stage how long will this recession last and how deep will it be. This will be perhaps the deepest recession in the post-Second World War period. The impact of the financial crisis is felt by the developing economies as well. India’s growth rate in 2008-09 was 6.7 % as compared to 9% in the previous year. Prospects for 2009-10 do not appear to be better. While in 2008-09, the first half escaped the impact of global recession, in the current year the impact will be felt throughout the year. Globalisation spreads both prosperity and distress. The contagion works both ways.

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Source : IIPM Editorial, 2012.

An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

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