Global Financial Crisis: Impact on India's Poor

Some Initial Perspectives

As part of contribution by the United Nations Development Programme (UNDP) to the ongoing dialogue on the impact of the global financial crisis, we present in this collection Some Initial Perspectives on its impact on the poor in India, written by some of the country’s leading economists and analysts. In keeping with UNDP’s perspective, these papers focus on ‘people’, particularly the poor: in agriculture, in the informal sector, in non-farm activities and on the goods and services they consume. They delineate the conundrums emerging from the development pattern followed thus far and point to the need for policy actions to transform the situation to one of enlarging the range of choices and opportunities for the vulnerable sections of the population.

Featured Project

India's job guarantee Act emerging as ray of hope in global meltdown
A pioneering piece of legislation that recognises work as a fundamental right and guarantees 100 days employment a year to those in rural areas who demand work is emerging as a ray of hope for India’s poor, who have been left even more vulnerable by the aftershocks of the global financial crisis.

Case Studies

Unheard Voices from India’s Informal Economy
The global financial crisis left the world shaken from Wall Street to Worli and London to Lucknow. Economies, irrespective of socio-cultural status, sector or region, are still reeling under the impact. Cries for rescue that echoed in the immediate aftermath are slowly finding appeasement. However, now the aftershocks are being felt outside the formal space. UNDP India and SEWA commissioned an exploration into the effects of the financial crisis on the country’s huge informal economy. Barely making ends meet before the economic meltdown, three women from Ahmedabad, Gujarat, tell us how the global financial tsunami has left them even more vulnerable.

Reports & Publications

Impact of the Financial Crisis on the Poor in India: Some Initial Perspectives

Global Financial Crisis and India's Informal Economy: Review of Key Sectors

Losing the Sparkle: Impact of the Global Crisis on the Diamond Cutting and Polishing Industry, in India
December 2009

Nuts and bolts - manufacturing in a slump Tail Enders in the Recent Recession – a case study of the Engineering Sector in Rajkot and Coimbatore
December 2009

In Low Gear Impact of the Financial Crisis on Workers and Firms in the Auto Parts Industry
December 2009

Global Economic Crisis - Impact on the Poor in India
A Synthesis of Sector Studies
November 2009

Paper

India Manages Global Crisis But Needs Serious Reforms for Sustained Inclusive Growth
by Ajay Chhibber, UN Assistant Secretary General and UNDP Assistant Administrator and Regional Director for Asia and the Pacific and Thangavel Palanivel, The United Nations University Institute of Advanced Studies. Paper on India’s Economic Reforms: Emerging Challenges for the Country and the New Government for Stanford Center for International Development (SCID), Tenth Annual Conference on Indian Economic Policy Reform, October 21-23, 2009, Stanford University.

Press Releases

UNDP calls for a fundamental re-balancing of development strategies in South Asia
2 July 2009: The UNDP and the Indian Council for International Economic Relations (ICRIER) organized a panel discussion on the impact of the global financial crisis on South Asia.

Poor countries most vulnerable during global economic crisis
UNDP calls on G-20 Leaders to curb a full-fledged human development crisis

Presentation

Global Financial Tsunami: Crisis or an opportunity for Asia-Pacific
Ajay Chhibber, Assistant Secretary General, Regional Director for Asia and the Pacific

Media Coverage on Financial Crisis

How the Financial Crisis Threatens the Rural Indian Boom

Can Conditional Cash Transfers Work in Rural India?

Capitalism & the economic crisis

Indian economy 'more durable' than China
Copyright News: Financial Times, 31 March 2009

A partial eclipse
Copyright News: India Today, 27 March 2009

World Bank sees NREGS as a barrier to economic development
Copyright News: Business Standard, 16 March 2009

Financial crisis nothing compared to climate change: Prince Charles
Copyright News: The Times of India, 13 March 2009

Kemal Dervis:

While the world fights recession lets us not forget climate change
Copyright News: Ideas4development, 20 February 2009

Financial crisis sparks concern over climate change funds - U.N.
Copyright News: AlertNet, 19 February 2009

Green growth is essential to any stimulus
Opinion by Ban Ki-moon and Al Gore
Copyright News: Financial Times, 16 February 2009

Govt plans garibi hatao by 2015
Copyright News: Hindustan Times, 16 February 2009

Boom marginalised India's urban poor report
Copyright News: AlertNet, 3 February 2009

Recession a major obstacle in fight against climate change
Copyright News: The Hindu, 30 January 2009

We’re In For Stormy Weather
Overshadowed by the economic headlines, serious climate trouble looms ahead
Op-ed by Ban Ki Moon : Copyright News: Newsweek, 30 December 2008

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