Economic Recession, Globalization & the Indian Economy

India's integration into the world economy since the initiation of economic reforms in 1991 has been remarkably rapid. Hence, Indian economy cannot remain insulated from global economic trends. Beginning mid-September 2008, the Indian economy came under pressure owing to the knock-on effects of the global financial crisis which later on turned into economic recession in most developed countries of the world. The contagion was initially felt in the equity markets due to the reversal of foreign institutional portfolio flows. With sharp tightening of global liquidity, Indian banks and corporates saw their overseas financing drying up. The response of the Government of India, Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) was swift and adequate. Resultantly, India could tide over the adverse situation successfully. This volume contains 13 research articles - authored by scholars on economic policy matters - which provide deep insights into the origin, causes and impacts of global economic recession. Remedial measures adopted by governments world-wide including India are also discussed.