This book is based on the papers presented and discussions held at a high-level regional workshop organized by the Asian Development Bank in January 2010 to discuss the impact of the global economic and financial crisis on developing Asia. It provides a clear and thought-provoking analysis of the global economic crisis from the perspective of 19 Asian countries.
The papers present concrete ways in which Asian economies and financial systems can be made more responsive and resilient. The book proposes that Asian economies can capitalize on the global economic crisis by using it as an opportunity to move from crisis management to gradually assuming global economic leadership. It spells out a general framework for strengthening recovery efforts, ensuring inclusive growth and open regionalism, rebalancing Asia's growth model, and creating greater regional cooperation for a prosperous and resilient Asia.
This is perhaps the first ever book in the market to undertake an in-depth discussion about the impact and the long-term implications of the global financial crisis on economies in Asia.
Chapter 5: Impact and Policy Responses: India
Impact and Policy Responses: India
Introduction and Summary
- India's economy has performed extraordinarily well in the face of the most severe global recession in recent decades, and it now looks poised to recover smartly despite some headwinds to growth, such as the weak monsoon and rising oil prices.
- We expect the Indian economy to grow at 7 percent plus in fiscal year 2009/10, and exceed that rate in 2011—thus assuming again its enviable position of being the second fastest growing large economy in the world (after PRC).
- India's good performance is not only attributed to it being less vulnerable to the global crisis—due to its lower exposure to international trade—but also due to policies put in place prior to the ...