The financial market crisis that erupted in the United States in August 2007 has developed into the world’s largest shock since the Great Depression. This has weakened the global economy as the financial turbulence has spread over to the real economy. It has triggered a deceleration in the world economic growth, which is expected to slide even further in the times ahead. There is an impending danger of the rest of the world being dragged into a severe economic slowdown that may eventually inch towards a synchronised global recession. In comparison to the advanced market economies which are on the verge of recession, the rapidly globalising emerging economies have been far more resilient and dynamic - India being one among them.

In the post-reform period, India stands as an economy that is rapidly – modernising, globalising and growing. India is poised as a fast growing emerging market economy in the face of the current turmoil and pessimism. The resilience shown by India comes from the strong macroeconomic fundamentals. India has weathered the storms of the recent financial market crisis with great strength and stability. India flouts a robust GDP growth rate of almost 9.0 percent in the midst of all international economic mayhem. The household sector is coming to prominence with impressive contribution in the national pool of savings. Rising investment levels and improved productivity are the engines driving growth. Indians have witnessed a doubling of average real per capita income growth during the tenth plan period. The government has progressed towards a fiscal correction. There has also been a sharp rise in net capital inflows. The strong institutional and macroeconomic policy framework in India is further complemented by the gains from trade and global financial integration.

How India is placed in the face of a global economic meltdown? How vulnerable is the Indian economy? India cannot go unscathed by the all round global economic developments. In the recent period, India has witnessed a slight moderation in her economic growth rate, shooting interest rates, an alarming rise in inflation rate and expected reversals in the capital flows. The challenges for India, which has so far been relatively insulated from the financial turmoil, are: How long can the Indian economy resist the impact of global recession? Are the monetary, financial and banking sectors adequately equipped to meet the new pressures?

The heightened global uncertainty and economic downturn calls for strong monetary and fiscal policy measures and reforms to safeguard India’s growth momentum, and to shield it from the inadvertent consequences of the ongoing international financial market muddle. At this juncture, it is pertinent to draw attention to the emerging challenges of the global economic slowdown and the strengths of the Indian macroeconomic policy and planning to cope with it.

The seminar is a timely endeavor to focus on the challenges and strengths of the Indian economy in the backdrop of the global economic meltdown.

Some of the thrust areas and sub-themes of the seminar are:

· Global Slowdown and its Impact on money and Financial Markets
· Indian Macro Economy: Challenges and Strengths
· Inflation – Current Dynamics and Global Crisis
· Dynamics of Indian Savings and Investment
· Open Economic Scenario and External Sector
· Strategies for Financial Inclusion
· Financial Deepening in India
· Global Banking: Impact and Challenges
· Banking Supervision: Basel II Accord
· Risk and Capital Management
· Financial Crisis and Global Financial System
· Corporate Finance and Governance
· The Indian Stock Market
· Financial Systems and Anti- Money Laundering (AML)