The Global Economic Crisis of 2008 and Its Impact on Indian Industries
The 2008 global economic crisis, commonly known as the Great Recession, was one of the most serious financial catastrophes of the 21st century. Several factors contributed to the catastrophe, including the US housing bubble, risky lending practices, and insufficient regulatory oversight. The world economy was severely impacted by the crisis, and India was not untouched by its effects. Cause of the Crisis The US housing bubble was the primary contributor to the crisis. Lenders started giving high-risk mortgages to customers who wouldn't have been eligible for standard loans as home values rose. Many of these borrowers ultimately fell behind on their payments, which caused the housing market to crash. As a result, the value of mortgage-backed securities and other financial instruments connected to the housing market fell precipitously. Why in 2008? The crisis was the culmination of various causes that had been accumulating for several years. Significant economic and financial