Global Financial Crisis and the Indian Economy

The current global financial situation continues to be uncertain and unsettled. What started off as a sub-prime crisis in the US housing mortgage sector has turned successively into a global banking crisis, a global financial crisis, and now a global economic crisis. It has engulfed international money, credit, equity, and foreign exchange markets. India has remained relatively immune from the fallout of the crisis due to several reasons, including the prudential, supervisory, and regulatory framework of the Reserve Bank of India. More importantly, the Indian banking system has shown remarkable market discipline, docility, and sincerity of purpose. It is heartening to note that in India, complex structures like synthetic securitisations have not been permitted, so far. This collection contains 18 articles covering various dimensions of the ongoing financial turmoil and its impact on India's economy.