Impact of Economic Crisis on India
Global Financial Crisis: Impact on India’s Poor
Some Initial Perspectives
Rajiv Kumar Bibek Debroy Jayati Ghosh Vijay Mahajan K. Seeta Prabhu
Global Financial Crisis: Impact on India’s Poor
Disclaimer: The views in the publication are those of the authors’ and do not necessarily reflect those of the United Nations Development Programme. Copyright©2009 by the United Nations Development Programme (UNDP) India The articles can be reproduced in whole or part with relevant acknowledgement to UNDP and the authors in the following manner: Name of Author, Year of Publication, Published by UNDP India.
Contents
Global Financial Crisis: Impact on India’s Poor Some Initial Perspectives Global Financial and Economic Crisis: Impact on India and Policy Response Rajiv Kumar Growth Downturn and Its Effects Bibek Debroy Global Crisis and the Indian Economy Jayati Ghosh Impact of the Economic Downturn on Non-farm Sector Workers Vijay Mahajan Impact of Financial Crisis on India’s March Towards MDGs K. Seeta Prabhu About the authors 5
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Global Financial Crisis: Impact on India’s Poor
Global Financial Crisis: Impact on India’s Poor Some Initial Perspectives
As part of contribution by the United Nations Development Programme (UNDP) to the ongoing dialogue on the impact of the global financial crisis, we present in this collection some ‘initial perspectives’ on its impact on the poor in India, written by some of the country’s leading economists and analysts. Rajiv Kumar presents a succinct analysis of the channels through which the financial crisis has impacted the Indian economy while Bibek Debroy examines the impact of the slowdown in economic growth at a disaggregated level – both by sectors and by regions. Jayati Ghosh analyses the impact of the crisis on agriculture, migrants and homebased workers. Vijay Mahajan unfolds the differential impact of the financial crisis on goods and services consumed by the masses and
Some Initial Perspectives
Rajiv Kumar Bibek Debroy Jayati Ghosh Vijay Mahajan K. Seeta Prabhu
Global Financial Crisis: Impact on India’s Poor
Disclaimer: The views in the publication are those of the authors’ and do not necessarily reflect those of the United Nations Development Programme. Copyright©2009 by the United Nations Development Programme (UNDP) India The articles can be reproduced in whole or part with relevant acknowledgement to UNDP and the authors in the following manner: Name of Author, Year of Publication, Published by UNDP India.
Contents
Global Financial Crisis: Impact on India’s Poor Some Initial Perspectives Global Financial and Economic Crisis: Impact on India and Policy Response Rajiv Kumar Growth Downturn and Its Effects Bibek Debroy Global Crisis and the Indian Economy Jayati Ghosh Impact of the Economic Downturn on Non-farm Sector Workers Vijay Mahajan Impact of Financial Crisis on India’s March Towards MDGs K. Seeta Prabhu About the authors 5
7
14
5
36
45
56
4
Global Financial Crisis: Impact on India’s Poor
Global Financial Crisis: Impact on India’s Poor Some Initial Perspectives
As part of contribution by the United Nations Development Programme (UNDP) to the ongoing dialogue on the impact of the global financial crisis, we present in this collection some ‘initial perspectives’ on its impact on the poor in India, written by some of the country’s leading economists and analysts. Rajiv Kumar presents a succinct analysis of the channels through which the financial crisis has impacted the Indian economy while Bibek Debroy examines the impact of the slowdown in economic growth at a disaggregated level – both by sectors and by regions. Jayati Ghosh analyses the impact of the crisis on agriculture, migrants and homebased workers. Vijay Mahajan unfolds the differential impact of the financial crisis on goods and services consumed by the masses and