Recession to Resilience : The Indian Experience in Regional Perspective

Abstract

The present research, using the state level net domestic product (NDP) data, reviewed the growth experiences of India in terms of the relative performance of her state economies and their relative positions within the country's landscape during the pre-recessionary and post-recessionary period. The analysis revealed that the global recession of 2008 affected almost all state economies in India, though its impact was uneven. Services sector weathered the crisis much better than manufacturing and agriculture sectors because of which the economy firmly entered the recovery path. However, the role and importance of manufacturing in rebounding to recover the economy from the disruptive change of recession is most evident from the findings. The study concluded that emerging economies like India should not bypass manufacturing with services for ensuring further bounce back in the near future and long run sustainability thereafter.