GLOBAL ECONOMIC RECESSION AND ITS IMPACT ON INDUSTRY AND EMPLOYMENT IN INDIA

Abstract

The world economy faces the worst crisis since 1930s. It has affected almost all countries in the world. The emerging economies like India suffered through spillover effects. Industry and employment sector experienced a regressive jolt due to drying up of credit, squeezing of market and slowdown in demand. The social cost of the crisis is unemployment. This paper argues that in devising a proper policy for combating recession, not only bailout packages but also a mix of monetary and fiscal policy is required.