2008 Global Economic Crisis and Its Impact on India's Exports and Imports

After the introduction of Liberalization, Privatization and Globalization by the name of economic reforms Indian economy has been integrated with the global economy. This integration enabled India to move on high growth path but that integration exposed Indian economy to adverse impacts from the world economy. India’s share in the world trade is less than 2 per cent. India’s vision in the world trade is not only earning foreign exchange but also to induce the economic growth and development. To achieve this vision India is trying to increase its exports. But the 2008 global economic crisis has hindered this effort. Since the globalization, it is explicit that the shocks in the world economy may affect the Indian economy also. There is a need to assess those effects on our economy is the need of the hour.