The deterioration of the global financial environment has affected the national economy and the spill-over effects on the real economy are still unfolding, indicating the risk of a threat to economic security.
Slower global growth will mean sluggish demand from developed economies and affect Indian exports in the coming quarters.
Growth in the second quarter of 2008 fell by 1.3 per cent to 7.9 per cent, compared with the same period last year.
Read on about the issues that India needs to address...
Image: A melting ice sculpture called 'Main Street Meltdown' in New York. | Photograph: Don Emmert/AFP/Getty Images
Also read: A dark phase for jobs
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