IMPACT OF GLOBAL RECESSION ON INDIAN ECONOMY WITH SPECIAL REFERENCE TO INDIA ’ S EXPORTS

Abstract

The ripples of crumbling USA market can be witnessed all over the world. Whatever happens in America, its impact can be felt way beyond the United States. Indian economy is no exception to this rule. World over, companies are biting dust including lions of financial world like, Lehman Brothers, Bear Sterns, AIG, Merill Lynch etc. It has been an unprecedented collapse of financial giants of American economy. India, on the other hand, is far more fortunate. Many factors are responsible for relatively less negative impact on Indian economy. In the age of globalization, no country can remains isolated from the fluctuations of world economy. Heavy losses suffered by major International Banks is going to affect all countries of the world as these financial institutes have their investment interest in almost all countries. The present study takes into account the impact of global recession on India with special reference to India’s exports. The study tries to present certain measures or steps to tackle recession in India. The study highlights the impact of recession on India’s exports from different industrial sectors. The paper highlights the measures taken by the Centre to curb recessionary pressures.