Impact of World’s Economic Recession on India’s Growth Perspective – Theories and Facts
Indian economy also passed through these stages during the year 2008. The economic growth rate, which was above 8% for consecutive period of three years since 2006, suddenly plunged to an average of 5.5%. Developed world is under the fear that recession may not turn out to be continuous process resulting into great depression. Generally recessions are for two quarters, but depression is a severe economic downturn that lasts several years. Earlier India was affected less by external world depressions as it relied more on internal consumption, saving and import substitutions. However, after 1991 India opened up its economy to global players, share of exports, both goods and services, in GDP grew significantly. This paper is an attempt to analyse the variables responsible for India’s recent growth, impact of world recession on these variables and their significance. It needs to validate whether India’s economy has shifted away from consumption and saving to external sector dependence.
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