Massage

2008-09 has been a challenging year for the global economy. While India hasn’t
witnessed the kind of major mayhem witnessed in some major developed economies, it
has certainly been impacted adversely. The Indian economy, by virtue of its strong
macroeconomic fundamentals, has been one of the most resilient and fastest growing
emerging economies of the world. Despite the sub-prime crisis and other events that have
had negative consequences for most of other nations, India continued to grow at an
impressive rate of 6.7% in the fiscal year 2008-09, albeit at a slower pace when compared
to the earlier years. In the current financial year, it is expected that the Indian Economy
will regain its growth momentum to grow at its recent trend growth rate of 8% to 9%
over the past 5 years because of the stable policy environment, and internal growth
stimuli notwithstanding the global factors like tighter credit conditions, slackening of
demand, lower export and slow down in developed economies.
The fiscal stimuli provided by the government and the rising fiscal deficit could
potentially lead to inflationary pressures, if not handled adroitly. The focus during the
current year will be on investments, both public and private, which will continue to
increase as a share of GDP. Investments in agriculture, rural development, health, human
resources and infrastructure will need to gain momentum to make growth more inclusive
and balanced. Overall, the Indian Economy is slated to be one of the few in the world
with positive growth acceleration in the current year.
The international seminar on the topic, “Rebooting Strategies for Global Recession”
has given a new dimension to the measures to outcome from global recession scenario
and the right platform for sharing of ideas.

Dr. Sandeep Ojha

Assistant Professor
KING SAUD UNIVERSITY
College of Business Administration
Al-Kharj, Kingdom of Saudi Arabia
E-mail- sandeepojha555@gmail.com