INDIA: A VICTIM AND A SURVIVOR

“Plans to fight crisis as turmoil worsens in the credit market”, “Crisis hits; market plunges”, “Roller coaster in the economy sends a shock wave around the world!!”

Well… this is only what our headlines said when The Great Global Crisis hit the economy in 2008. Sparking in the late 2000s decade, this crisis was such a big hit that it affected almost every nation in the world leaving such a consequence that took it the countries months and years to fight back and survive.

Talking about India, despite having a banking and financial system that was believed to be strong enough to survive the collapse; the situation went the other way round. Not only did the nation could not insulate itself from the adverse developments that were taking place in the global financial markets but it faced such a negative slowdown responded by a chain of many unfavorable events that the country became one of the most devastated ones by the culminating global crisis.

On the inflation front , the crisis brought down the inflationary expectations owing to a decline in the world oil prices by a high margin besides a sharp fall in the exports of the nation..Some expected that India’s trade with the bigger nations like China would help it come out of the situation but nothing like that happened.Investment, consumption, hiring, banking…every sector was torn with the most striking uncertainty since 1960!

Though people were struggling really hard with their earnings and cost of living and; there were many aspects in which India proved to be a better survivor of this depression. Yes, the exports fell and the rupee too faced another fall in its value which was its lowest in the last six years; yet owing to the fact that the nation is at a developing stage with a thousand loopholes and endless policies and measures that need to be rectified; India coming out of the crisis much before than many other nations was a big deal. Even today, while we repent, trying to get rid of all the barriers that lie in our way of climbing up; there is still a hope that India would always emerge as strength as it did when this awful crisis made its way in the global economy.

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