Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | 2008 global financial crisis: What government overdid, or didn&#039;t do -P Vaidyanathan Iyer    </title>
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-The Indian Express

India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators.

India did not have a..."/>
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-The Indian Express

India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators.

India did not have a..." />
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                            <div align="justify">-The Indian Express<br /><br /><em>India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators.<br /></em><br />India did not have a rulebook to refer to a decade ago when it was hit by a seismic shock with its epicentre some 12,500 km away. In the initial days post the Lehman collapse on September 15, 2008, many in the government did not think much of the crisis. The growth euphoria of the previous years had led to a widespread notion that the Indian economy was decoupled from that of the developed world. But within a fortnight, then Finance Minister P Chidambaram had to re-engineer an aircraft that was flying high. Manmohan Singh, the Prime Minister then, was to Chidambaram what P V Narasimha Rao had been to him during the 1991-92 crisis. He has not got due credit for steadying the boat, and ensuring a quick recovery. But soon enough, India faltered.<br /><br /><em>One big fallacy: That India&rsquo;s growth story is its own<br /></em><br />High-growth periods have a tendency to obfuscate facts. Since the Asian crisis of 1998, India has integrated more and more with the global economy. In fact, the high &mdash; almost double-digit &mdash; growth rates recorded during the four years from 2004-05 to 2007-08 were also a period when the global economy rode a crest, growing an average 4%-plus in calendar years 2004 to 2007. India&rsquo;s stellar performance was aided by a boom in exports, which jumped an average 25% every year on the back of robust average global trade growth of 8.6%. In 2009, global trade dropped 11%, and India&rsquo;s exports plummeted 16%. Over the decade since the crisis, India&rsquo;s dependence on international trade has not waned much. Its two-way trade (exports plus imports of goods and services) as a percentage of the GDP hit a high of almost 56% in 2012, before dropping to 41% in 2017. Trade data since 2010 suggests that India does better than the world when world exports in goods and services are rising. We live in a connected world. A credit squeeze or a withdrawal of credit from the global markets will hurt the country irrespective of its credit-worthiness.<br /><br />Please <a href="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/" title="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/" class="re" target="_blank">The Indian Express, 17 September, 2018, https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/</a><div class="clear"></div>
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India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators.

India did not have a..."/>
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    <h1 class="cat-box-title">2008 global financial crisis: What government overdid, or didn&#039;t do -P Vaidyanathan Iyer</h1>
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                            <div align="justify">-The Indian Express<br /><br /><em>India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators.<br /></em><br />India did not have a rulebook to refer to a decade ago when it was hit by a seismic shock with its epicentre some 12,500 km away. In the initial days post the Lehman collapse on September 15, 2008, many in the government did not think much of the crisis. The growth euphoria of the previous years had led to a widespread notion that the Indian economy was decoupled from that of the developed world. But within a fortnight, then Finance Minister P Chidambaram had to re-engineer an aircraft that was flying high. Manmohan Singh, the Prime Minister then, was to Chidambaram what P V Narasimha Rao had been to him during the 1991-92 crisis. He has not got due credit for steadying the boat, and ensuring a quick recovery. But soon enough, India faltered.<br /><br /><em>One big fallacy: That India&rsquo;s growth story is its own<br /></em><br />High-growth periods have a tendency to obfuscate facts. Since the Asian crisis of 1998, India has integrated more and more with the global economy. In fact, the high &mdash; almost double-digit &mdash; growth rates recorded during the four years from 2004-05 to 2007-08 were also a period when the global economy rode a crest, growing an average 4%-plus in calendar years 2004 to 2007. India&rsquo;s stellar performance was aided by a boom in exports, which jumped an average 25% every year on the back of robust average global trade growth of 8.6%. In 2009, global trade dropped 11%, and India&rsquo;s exports plummeted 16%. Over the decade since the crisis, India&rsquo;s dependence on international trade has not waned much. Its two-way trade (exports plus imports of goods and services) as a percentage of the GDP hit a high of almost 56% in 2012, before dropping to 41% in 2017. Trade data since 2010 suggests that India does better than the world when world exports in goods and services are rising. We live in a connected world. A credit squeeze or a withdrawal of credit from the global markets will hurt the country irrespective of its credit-worthiness.<br /><br />Please <a href="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/" title="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/" class="re" target="_blank">The Indian Express, 17 September, 2018, https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/</a><div class="clear"></div>
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        LATEST NEWS UPDATES | 2008 global financial crisis: What government overdid, or didn&#039;t do -P Vaidyanathan Iyer    </title>
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India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators.

India did not have a..."/>
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India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators.

India did not have a..." />
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    <h1 class="cat-box-title">2008 global financial crisis: What government overdid, or didn&#039;t do -P Vaidyanathan Iyer</h1>
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                            <div align="justify">-The Indian Express<br /><br /><em>India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators.<br /></em><br />India did not have a rulebook to refer to a decade ago when it was hit by a seismic shock with its epicentre some 12,500 km away. In the initial days post the Lehman collapse on September 15, 2008, many in the government did not think much of the crisis. The growth euphoria of the previous years had led to a widespread notion that the Indian economy was decoupled from that of the developed world. But within a fortnight, then Finance Minister P Chidambaram had to re-engineer an aircraft that was flying high. Manmohan Singh, the Prime Minister then, was to Chidambaram what P V Narasimha Rao had been to him during the 1991-92 crisis. He has not got due credit for steadying the boat, and ensuring a quick recovery. But soon enough, India faltered.<br /><br /><em>One big fallacy: That India&rsquo;s growth story is its own<br /></em><br />High-growth periods have a tendency to obfuscate facts. Since the Asian crisis of 1998, India has integrated more and more with the global economy. In fact, the high &mdash; almost double-digit &mdash; growth rates recorded during the four years from 2004-05 to 2007-08 were also a period when the global economy rode a crest, growing an average 4%-plus in calendar years 2004 to 2007. India&rsquo;s stellar performance was aided by a boom in exports, which jumped an average 25% every year on the back of robust average global trade growth of 8.6%. In 2009, global trade dropped 11%, and India&rsquo;s exports plummeted 16%. Over the decade since the crisis, India&rsquo;s dependence on international trade has not waned much. Its two-way trade (exports plus imports of goods and services) as a percentage of the GDP hit a high of almost 56% in 2012, before dropping to 41% in 2017. Trade data since 2010 suggests that India does better than the world when world exports in goods and services are rising. We live in a connected world. A credit squeeze or a withdrawal of credit from the global markets will hurt the country irrespective of its credit-worthiness.<br /><br />Please <a href="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/" title="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/" class="re" target="_blank">The Indian Express, 17 September, 2018, https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/</a><div class="clear"></div>
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2008 global financial crisis: What government overdid, or didn't do -P Vaidyanathan Iyer

Published on Sep 17, 2018   Modified on Sep 17, 2018

-The Indian Express India bounced back from 2008 crisis thanks to stimulus packages, but faltered by letting these continue. And it still has a long way to go in ensuring greater coordination between govt and financial regulators. India did not have a rulebook to refer to a decade ago when it was hit by a seismic shock with its epicentre some 12,500 km away. In the initial days post the Lehman collapse on September 15, 2008, many in the government did not think much of the crisis. The growth euphoria of the previous years had led to a widespread notion that the Indian economy was decoupled from that of the developed world. But within a fortnight, then Finance Minister P Chidambaram had to re-engineer an aircraft that was flying high. Manmohan Singh, the Prime Minister then, was to Chidambaram what P V Narasimha Rao had been to him during the 1991-92 crisis. He has not got due credit for steadying the boat, and ensuring a quick recovery. But soon enough, India faltered. One big fallacy: That India’s growth story is its own High-growth periods have a tendency to obfuscate facts. Since the Asian crisis of 1998, India has integrated more and more with the global economy. In fact, the high — almost double-digit — growth rates recorded during the four years from 2004-05 to 2007-08 were also a period when the global economy rode a crest, growing an average 4%-plus in calendar years 2004 to 2007. India’s stellar performance was aided by a boom in exports, which jumped an average 25% every year on the back of robust average global trade growth of 8.6%. In 2009, global trade dropped 11%, and India’s exports plummeted 16%. Over the decade since the crisis, India’s dependence on international trade has not waned much. Its two-way trade (exports plus imports of goods and services) as a percentage of the GDP hit a high of almost 56% in 2012, before dropping to 41% in 2017. Trade data since 2010 suggests that India does better than the world when world exports in goods and services are rising. We live in a connected world. A credit squeeze or a withdrawal of credit from the global markets will hurt the country irrespective of its credit-worthiness. Please click here to read more.

The Indian Express, 17 September, 2018, https://indianexpress.com/article/explained/global-financial-crisis-2007-08-indian-economy-lehman-brothers-fall/

Tagged with: fiscal deficit Global Financial Crisis Recession Fiscal Stimulus

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