Growth prospects of emerging economies have most definitively been undermined by the ongoing crisis with, of course, considerable variations across countries. Impact of the crisis on India India too is having to weather the negative impact of the crisis.
As the impact on India unfolds, there are two frequently asked questions: First, how is that India is affected when it came out of the Asian crisis relatively unscathed? Second, why is India affected even when its exports account for only 15 per cent of its GDP? The answer to both the questions lies in globalisation.