American Economic Crisis and Its Impact on Key Economic Sectors of India

Authors: Anjali Bhati

Pages: 70-73

Abstract:

Globalization, no doubt, came as a boon for developing nations and brings myriads of new opportunities for the developed nations also. Various activities of a nation became no longer centric to their geographical boundaries, they, rather, transcended them. Globalisation guarantees profits to the participants, but also does not spare a participant-nation from being adversely affected in ‘Hard Times’. By ‘Hard Times’I meant ‘global recession’and that too in a limited sense being related to the America & India only. This paper examines the causes of great recession in the context of America and its effect on Indian economic structure. Attempt has also been made to suggest some steps to be taken to engulf the American crisis. This paper also details some of the domestic endeavours being undertaken by various Indian agencies viz. RBI to curb the effect of American crisis on Indian economy, structural soundness of Indian Economy which resulted in safeguarding, to a larger extent, Indian economy from the repercussions of this American crisis or the Global Recession.