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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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The Global Economic Crisis: Impact on India and Policy Responses

The Global Economic Crisis: Impact on India and Policy Responses

Chapter:
(p.162) 8 The Global Economic Crisis: Impact on India and Policy Responses
Source:
The Global Financial Crisis and Asia
Author(s):

Rajiv Kumar

Pankaj Vashisht

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199660957.003.0008

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

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