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Macroeconomic Management during a Period of Plenty in India

In: Emerging Asia

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  • Ramkishen S. Rajan

    (School of Public Policy, George Mason University, USA and Visiting Senior Fellow, Institute of Southeast Asian Studies (ISEAS))

Abstract

There are two indisputable facts about India and the global financial crisis (GFC) of 2008–09. One, India was far more heavily impacted by the global financial turmoil than most informed observers expected. This clearly attests to the significant increase in the extent of India’s financial and trade openness with the rest of the world. Two, the Indian economy bounced back from the crisis more rapidly than most other countries. Apart from stimulative demand-management policies, the recovery highlighted the importance of the domestic market to India’s overall growth, as well as the soundness and stability of its banking and overall financial system, which is a testament to the country’s conservative approach to regulatory policies.

Suggested Citation

  • Ramkishen S. Rajan, 2011. "Macroeconomic Management during a Period of Plenty in India," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Emerging Asia, chapter 17, pages 99-103, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-30627-1_17
    DOI: 10.1057/9780230306271_17
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