Consequences of Global Recession on India - A Study of Selected Industries
The current global financial crises are the cause of defaults on sub-prime mortgages in US. Sub-prime is a high risk debt offered to people with poor credit worthiness or unstable incomes. Major Banks in US have landed in trouble after people could not repay the loans. Many banks have turned to be defaulter. After the case of Lehman Brothers, Merrill Lynch and other American banks, the banks of other countries are also facing the default risk. Because of the sub-prime mortgage, the housing market soared. The realty sector boomed but could not sustain for long and it collapsed because of the loan defaults. This situation spreaded like wild fire and put the US economy in danger. This coupled with rising oil prices slowed down the growth of the economy. The US financial crises have affected many countries of the world and India is not an exception to it. Because of these financial crises, Indian economy is likely to lose 1% to 2% of GDP growth. Almost all sectors of the Indian economy are affected by this crisis. The impacts of global financial crisis on Indian economy have been studied in Textile Industry, Steel Industry, Cement Industry, FMCG, Realty Sector, Banking Sector and Mutual Funds.
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