South Asia and Global Financial Crisis : Issues and Challenges

Contents: Preface. Introduction/T. Nirmala Devi. I. Global financial crisis: impact on South Asian economies: Global financial crisis: impact on South Asia (Keynote address)/A.N. Ram. 1. South Asia: the global financial crisis/I.P. Khosla. 2. Pangs of global financial crisis: South Asia and beyond/Som P. Pudasaini. 3. Global financial crisis and beyond: lessons for SAARC countries/T. Nirmala Devi. 4. Impact of global financial crisis on SAARC/M. Sundara Rao and B. Lakshmana Rao. 5. Global financial slowdown and South Asia with special reference to Bangladesh/Indra Nath Mukherji. 6. The financial crisis and Pakistan/R. Radhai. 7. Steady progress of India-Bhutan Strategic relations irrespective of deepening global financial crisis/A. Lakshmana Chetty. II. Global financial crisis: impact on developing economies with a special focus on India: 8. The world economic crisis and its impact on developing countries/P. Hari Prakash, Subrahmanyam and D. Harinarayana. 9. Changing role of emerging economies: India and China/V. Ramesh Babu and Srinivasulu Bayineni. 10. Global economic crisis and India: emerging issues/K. Sreerama Murty and K. Sailaja. 11. Global financial crisis and impact on Union Finances of India/R. Sudarsana Rao, B. Lilly Grace Eunice and G. Purushotham. 12. Global financial crisis and its impact on Indian Banking Institution/B. Appa Rao. 13. Global financial recession: implications for Indian economy/M. Prasada Rao. III. Global financial crisis: Impact on human development in South Asia: 14. The impact of global recession on human development in South Asia/G. Ramachandrudu, A. Venu and S. Prasada Rao. 15. India’s precarious food security in the context of geopolitical rumblings of food insecurity/Y. Yagama Reddy. 16. South Asian human rights mechanism: politico-economic perspective/Shveta Dhaliwal. Index.

Global financial crisis, the consequence of an unsustainable growth pattern that has been emerging since a decade, impacts the economies in all the regions, irrespective of their degree of globalization and deft economic management. Both developed and developing countries have different threats from the crisis, and devised appropriate measures to contain it. South Asia weathered the crisis much better than most of the regions in the world. The region is least-affected by the global meltdown, due partly to the relatively closed nature of some of its members in respect of trade and capital flows; and partly to the strong fundamentals and prudent policies of the rest. Resilience is mostly seen in South Asia not only in knowledge-intensive services and exports of garments and textiles, but also in workers? remittances and foreign direct investment. India, being driven by internal demand; sound domestic policies; and well-regulated banking system, has escaped the worst effects of the crisis to show assured signs of strong recovery.