Global Economic Crisis Impact on It Industry
“Global Economic crisis: Impact on IT Industry in India.”
Abstract:
Globalization has ensured that none of the economies of the world stays insulated from the global economic crisis. But there was a general belief that the emerging economies could remain largely apart from the global economic meltdown and provide an alternative engine of growth to the world economy. The effect of the crisis on the Indian economy was not significant in the beginning. The argument soon proved unfounded as the global crisis intensified and spread to the emerging economies. This had a knock-on effect initially on the IT sector all over the world and Indian IT industry could not insulate itself from the adverse developments in the international financial markets. This paper interrogates the implications of the global economic meltdown on the Indian Economy within the framework of a consolidated IT Industry. It also examines measures of global economic crisis which leads to crisis in IT industry. It also provides an overview for tackling the Problems faced by IT Sector.
Key words: Economic development, Economic meltdown, global economic crisis and globalization.
Introduction:
The late-2000s financial crisis (often called the global recession, global financial crisis or the credit crunch) is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It resulted in the collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets around the world.
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. A collapse of the US sub-prime mortgage market and the reversal of the housing boom in
Abstract:
Globalization has ensured that none of the economies of the world stays insulated from the global economic crisis. But there was a general belief that the emerging economies could remain largely apart from the global economic meltdown and provide an alternative engine of growth to the world economy. The effect of the crisis on the Indian economy was not significant in the beginning. The argument soon proved unfounded as the global crisis intensified and spread to the emerging economies. This had a knock-on effect initially on the IT sector all over the world and Indian IT industry could not insulate itself from the adverse developments in the international financial markets. This paper interrogates the implications of the global economic meltdown on the Indian Economy within the framework of a consolidated IT Industry. It also examines measures of global economic crisis which leads to crisis in IT industry. It also provides an overview for tackling the Problems faced by IT Sector.
Key words: Economic development, Economic meltdown, global economic crisis and globalization.
Introduction:
The late-2000s financial crisis (often called the global recession, global financial crisis or the credit crunch) is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It resulted in the collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets around the world.
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. A collapse of the US sub-prime mortgage market and the reversal of the housing boom in
References: 3) October 9, 2008, Rakesh Mohan, Global Financial Crisis and Key Risks: Impact on India and Asia. Institute: G.H. Raisoni School of Management Studies Contact Details:gupta.sg@rediffmail.com (9422619397) sapna_trivedi22@yahoo.com (9890095891)