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Impact of global financial crisis on the Indian economic growth (pre-during-post global meltdown and European Sovereign Debt Crisis Period) Malik Aarti Ohri*, Dr. Ghosh Sunanda *bestowedart@yahoo.co.in
Online published on 17 April, 2017. Abstract The global economy had been going through various trends by witnessing many financial and economic crises in the last few decades. Each of these crises had been escorted by shocks to one or more economies and required long time for returning to stability. Due to frequent occurrence of the financial crisis, it however resulting into economic losses for the countries involved. The latest in the series of economic crisis are: the US financial crisis (started in year 2008) and the European Sovereign Debt crisis (started in year 2010) that shakes the entire world economy. A wide range of financial and economic activities in both developed and developing countries around the globe were deeply affected by theses financial crisis that occurred between years 2008 to 2010. To overwhelm such crisis the government of both the developed as well as developing countries attempted to take some mitigation actions and took coordinated efforts. This paper is completely devoted to accomplish an important objective of the study that is to examine the relative impact of the two major financial crises: US Meltdown and Sovereign Debt Crises on Indian economic growth during the different time frame under the study. For such analyzes the accounting year data in percentages have been taken for major economic indicators. Under the study these economic indicators are broadly classified into two categories: internal balance indicators (GDP, inflation rate, fiscal deficit and gross capital formation) and external balance indicators (debt service ratio, currency exchange rates, exports and imports). The analysis is then extended in examining the impact of these two global financial crises under the study on the monthly currency exchange rate of US $ and Euro. Top Keywords Inflation, Economic Growth, US Financial Crisis and European Sovereign Debt Crisis. Top | |
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