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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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Crisis and the Impact on Fiscal Space

(p.183) Chapter 8 India
Financial and Fiscal Policies

Y.V. Reddy

Narayan Valluri

Partha Ray

Oxford University Press

This chapter presents an overview of the state of the Indian macroeconomy (with an emphasis on the fisc) and its relationship with the global crisis so that the monetary and fiscal stimulus can be placed in the larger context of fiscal consolidation. While discussing the transmission of the global financial crisis to India, the chapter notes that given the trade linkages between euro area and India, any recession in Europe will affect Indian export growth. As far as Indian fiscal trends are concerned, it has been noted that following the enactment of the fiscal responsibility and budget management legislations (both at the central and states level), India commenced a strategy of fiscal consolidation quite effectively. Such efforts got a jolt with the advent of the great recession. Nevertheless, the hard-earned fiscal space provided India the opportunity to undertake a fiscal stimulus.

Keywords:   India, global financial crisis, fiscal responsibility and budget management legislations, fiscal consolidation, fiscal stimulus, monetary stimulus, euro area crisis, fiscal deficit, current account deficit

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