The Indian economy is a mixed economy. It has acquired this form with the growth of a large public sector since Independence. Nationalization of banks, setting up a number of enterprises in the public sector and such other measures may create an illusion that the economy has advanced towards socialism but in fact socio-economic relations have not undergone any such change as to warrant the conclusion that the Indian economy has drifted away from its capitalist forms. India had a dream run of five years during 2003-08 as the GDP growth averaged nearly 9 % annually for 5 years; the best ever run for five years. The economy began to slow down from the middle of 2007-08. Global recession and credit crisis, whichbegan with sub prime crisis, is affecting almost all economies across the world.The Bank for International Settlement (BIS) report has succinctly brought out how and why the crisis has occurred. It is a little over a year since the US financial crisis became a global concern. Starting with home loan sector, US banks and lending institutions lent recklessly to borrowers who were not creditworthy and who had no repayment capacity, based on their income levels. Subprime lending spurred acute competition among banks and other lending institutions which resulted in unsafe and indiscriminate lending.
Global Crisis, Indian Economy, Genesis Of The Crisis, Prudent policy base, Drawing lessons
International Journal of Trend in Scientific Research and Development - IJTSRD having
online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International
Journal which provides rapid publication of your research articles and aims to promote
the theory and practice along with knowledge sharing between researchers, developers,
engineers, students, and practitioners working in and around the world in many areas
like Sciences, Technology, Innovation, Engineering, Agriculture, Management and
many more and it is recommended by all Universities, review articles and short communications
in all subjects. IJTSRD running an International Journal who are proving quality
publication of peer reviewed and refereed international journals from diverse fields
that emphasizes new research, development and their applications. IJTSRD provides
an online access to exchange your research work, technical notes & surveying results
among professionals throughout the world in e-journals. IJTSRD is a fastest growing
and dynamic professional organization. The aim of this organization is to provide
access not only to world class research resources, but through its professionals
aim to bring in a significant transformation in the real of open access journals
and online publishing.