A GENERAL APPRAISAL OF THE SOCIAL ECONOMIC IMPACT OF CURRENT GLOBAL RECESSION ON INDIA
A GENERAL APPRAISAL OF THE SOCIAL ECONOMIC IMPACT OF CURRENT GLOBAL RECESSION ON INDIA

Summary/Abstract: Recession is the fallout of extreme consumerism and faulty market policies. Many have termed the current recession as “worst financial crisis of the last century”. The crisis began in the US and Europe and it has since affected the rest of the world, including Asia. The effects of the global financial crisis have been more severe than initially forecasted. The turning point was the decision in September 2008 to let Lehman Brother’s failure, an event that had a series of cascading effects. What has caused this major economic upheaval in the world? What is the cause of falling share markets the world over and bankruptcy of major banks? In this paper, we shall try to explain the reasons for recent economic depression for all those who find it difficult to understand the complex economic lingo and are looking for a simple explanation. The irony is that human actions led to recession but recession is now steering the world according to its own unpredictable whims and fancies. This article explores facets of the crisis, including its impact on the Indian economy.

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