ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Dimensions of India s External Economic Crisis

This paper seeks to provide an analysis of India's recent external economic crisis, emphasising that the developmental dimensions of the crisis are distinct from the short-term liquidity aspects which are paramount to the international lenders. The discussion in Section I of the paper of a set of conceptual aspects is complemented in Section II by an analysis of the turn of events which led to the crisis. Section III offers a set of conclusions dwelling on the distinction between the exogenous/endogenous as well as the developmental/financial dimensions of the debt problem. The two aspects of the debt issue bring to light a basic incongruity between the diagnosis and the remedial measures implemented.

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