Title of the Paper: Global financial crises and its impact.
Author: Mr Guyton Lobo
Designation: Sr. Lecturer
Affiliation: V C E T, Puttur, DK
The global financial system literally went into a cardiac arrest after the Lehman Brothers Holdings Inc. collapsed and a meltdown was barely avoided through very aggressive policy responses. Unfortunately, the worst is ahead. The entire global economy will contract in a severe and protracted U-shaped global recession that began sometime back. The recession in the US markets and the global meltdown termed as Global recession has engulfed complete world economy in its whirlpool. World over the impact has diversified and can be observed from the very fact of falling Stock market, recession in jobs availability and companies following downsizing in the existing available staff and cutting down of the perks and salary corrections. India is no exception to it. Perceptually, it might have suffered tremors with lesser intensity due to its stringent economic policies. The BFSI (Banking Financial Sector Insurance) has taken a hit with the financial sector getting affected in US. The textile sector has also been hit with the export of textiles coming down in the recent months. Several jobs are in danger of being lost. There has been decline in the automobile sector as well. The months of November & December saw bike & Car sales down. The present study is an attempt to understand the effects of global recession faced by India and highlights those sectors which will come to the rescue at times in future. It will also put a light on the Marketing strategies employed by these sectors to overcome the fever of recession. It will also focus on the opportunities and strategies that the marketers can adopt to sustain themselves.