India a fastest developing country, also not excluded from the list of affected economies from the global crisis. Before 3-4 months everything was all right even our growth rate was reflecting the story of our growth, but suddenly major developed country so called super power nation U.S trapped in to the financial crisis and everything turned in to unfavorable and the shadow of crisis extended to most of the countries across the world. But it is not that much gloomy it is not so that our economy is severely affected but growth of economy is deteriorated. Along with threats it also brings some hope for the future and shows those mistakes which should not be repeated in future.
It is not so that only few countries are trapped in to this crisis most of the advanced as well as developing countries are affected badly by this. The only difference noticed between the origin of crisis in different countries special between India and other advanced economy.
[...] But India was doing well till the mid 2008, but suddenly global crisis shook the Indian economy and growth rate started to decline. Growth rate of in 2007 slipped to near at the end of 2008. Recently IMF has estimated figures of growth which are as follow: (Figures in percentage) July when 2009 (Projected) projection made April July October November Economy Economy This table shows that world economy was growing at the rate of Advanced economies at and developing economies at July Whereas by early November this projected figures had been slashed down to - and respectively. [...]
[...] Reasons for the slowdown in export are as follow; Lack of liquidity and tough loans Appreciation in rupee value Poor infrastructure leading to high cost of logistic Global crisis leads reduction in the import from advanced countries where maximum exporters have their market. Not only export but import activity also gets affected, specially oil industry as we are importing 75% of total demand. Here also factors leads import downward which are as follow; Price of crude oil in last year fluctuated a lot, from the price of $145 per barrel it dragged down to $43-45 per barrel and this year prices reduced to Below $40 per barrel which definitely be profitable for our country and increase the revenue of government. [...]
[...] Latest data issued for the industrial product really discourage Indian economy and clearly indicates that global crisis has its great impact on this segment. Industrial growth rate turned to negative for the first time since 1993. According to the figures of IIP, the overall growth rate of industrial production has been - in the month of October 2008. Following table expresses detailed data of IIP for the month of October and for the period of April to October of current and previous year. [...]
[...] In the beginning of last year value of currency against dollar was high but as the time passed and bubble of global crisis burst the currency value got affected. At a single time it depreciated by 8%.Following chart shows the movement of currency value during last year. (Source:- article India and the global financial crisis from, http://www.hidu.com) Form the above chart it reveals that between1st January to October rupee value depreciated against dollar from Rs to Rs As a result of lack of liquidity Bulk selling of FIIs led to sharp depreciation of the rupee and RBI reference rate fell by nearly 25%. [...]
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