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Impact of the global financial crisis on the Indian economy

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  • Krishna Kumar Jaiswal
  • Krishna Kumar Dubey

Abstract

This paper provides a descriptive review of the impacts of the global financial crisis on the Indian economy. While examining the growth in the gross domestic product (GDP), fiscal deficit, exports, imports, Wholesale Price Index (WPI) inflation, and the foreign exchange rates (FX), we find that the GDP has been severely impacted during the crisis period, especially during 2008-09. While the fiscal deficit continuously increased during 2008-09 and 2009-10, the exports and imports declined considerably. The WPI inflation followed a downward trend, and the rupee depreciated by approximately 20 percent during 2008. During 2008-09, the agricultural and industrial growth significantly declined, but the service sector sustained itself. The findings also reveal that the policy initiatives by the Indian government and those by the Reserve Bank of India safeguarded the Indian economy to a large extent.

Suggested Citation

  • Krishna Kumar Jaiswal & Krishna Kumar Dubey, 2021. "Impact of the global financial crisis on the Indian economy," International Journal of Accounting, Business and Finance, Indian Accounting Association, Patna Branch, vol. 1(1), pages 15-23.
    • Handle: RePEc:dbs:ijabfi:v:1:y:2021:i:1:p:15-23:id:13
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    1. Ministry of Finance, Government of India,, 2017. "Economic Survey 2016-17," OUP Catalogue, Oxford University Press, edition 2, number 9780199477661, Decembrie.
    2. Ministry of Finance, Government of India,, 2012. "Economic Survey 2011-12," OUP Catalogue, Oxford University Press, number 9780198085515, Decembrie.
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