International Research journal of Management Science and Technology
ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST
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INTERNATIONAL FINANCIAL MELTDOWN : IMPACT ON INDIAN ECONOMY
1 Author(s): DR. VARUN ELVIS MASSEY
Vol - 2, Issue- 2 , Page(s) : 55 - 61 (2011 ) DOI : https://doi.org/10.32804/IRJMST
Though the financial crisis started in USA in August 2007, its impact on the real economy started manifesting only by September 2008 all over the world. When the process of financial crisis was evolving in USA and Europe, Indian policy makers argued that since Indian financial system was well regulated and not closely integrated with the global financial system,(in the absence of full capital account convertibility of Indian rupee), its impact would be very minimal. However, Indian financial system could not escape completely from the impact of the US financial crisis. Some Indian banks were exposed to the toxic assets of the mortgage banks of USA. One big private bank namely, ICICI bank,