1) T T Ram Mohan

He observed that the impact of recession on Indian economy has been

very much severe than expected. According to him the decision of
closing the Lehman Brothers in September 2008 started the recession. He
also pointed out that the strong fundamentals of Indian economy along
with the adequate policy responses by government and RBI protected the
Indian economy, especially the banking sector during the recessionary
situation. He concluded that despite the strong fundamentals, Indian
economy will be adversely affected by the recession because it is
integrated with the world economy.
The reduction in FDI will hamper the growth of Indian industries. The
liquidity crunch will also have an impact on the share prices. The
monetary and fiscal measures taken by government and RBI will act as a
stimulus to the economy. All and all, the Indian banking sector will not
be affected by the recession and that will help Indian economy to cope up
with the challenges of globalization.

2) Sazzad Parwez
He explains that Indian Economy has been able to maintain the growth
rate despite of recessionary situations. Other economies have failed to
register the growth rate equal to Indian economy. Service sector has
proved to be the most promising and important contributor to the growth
of Indian economy. Service sector contributed about 60% to the GDP.
The Economic crisis put forth many challenges before the Indian
economy and proper strategic decisions are required to overcome it. He
stated that the lesser dependency on exports and increased share of
service sector has protected the Indian economy from the crisis of
recession. He concluded that in order to prevent the crisis of recession,
proper policies should be framed for the core service areas namely Retail,
Software and Banking. These services contribute substantially to the GDP.
At the same time the strong fundamental policies has protected the Indian
economy from unnecessary risks of recession.
 3) Goel Shobhit & Bajpai Avinash
They highlighted that globalization has played a crucial role in the
development of banking sector. The Economic recession that started from
USA as the sub-prime crisis impacted the world economy. Banking and
financial sector is much more affected by the recessionary situation. Many
banks and financial institutions are affected by the recession. But the
Indian Banking and Financial Institutions are least affected by the
recession. The authors concluded that due to strong fundamentals and
confidence of public in financial Institutions Indian banking and financial
sector coped with the recessionary situation. The authors also backed the
banking policy reforms that were made after 1991.
These reforms helped the banks to have conservative approach towards
banking functions. Use of modern technology resulted into effective use of
available man power. The authors concluded that Indian banks are
equipped enough to face the challenges of economic recession. Banks
should explore new areas of operations so that the maximum utilization of
technology is made for increasing the business and profitability. At the
same time, proper human resource planning will also help in maximizing
the profits of banks.

4) Brooks
He describes the subprime crisis of 1920 and the factors responsible for
it. It also narrates the recovery that followed the great depression. In short,
various researchers have studied recession from different angles. Some
have highlighted the pattern of recession whereas some have raised the
issue of increased globalization with recession. Some fundamental
researchers have revealed the fact that recession results in decrease in
GDP.
The role of governments across the globe in handling the situation of
recession and its aftermaths has also been criticized. The comparative
research regarding the East Asian crisis and its International perspective
has highlighted the currency crisis. The speech given by the then
governor of RBI highlights the strong Indian fundamentals that protected
the Indian economy from the serious damages caused by economic
recession.
 A lot has been said and analysed regarding the impact of recession on
various sectors of Indian economy like impact of recession on banking
sector, financial markets, global warming, investment avenues, policy
measures, failure of market regulatory authority etc. A review of literature
also identifies the research gap. Various reviews reveals the fact that very
less research or no research has been made on the study of recession and
its impact on portfolio of individual investor.
The impact of recession on stock exchanges has been done at a macro
level but no one has tried to study the micro aspect of its impact on
investor’s portfolio. In this way this research is unique and tries to
highlight and add knowledge regarding the impact of recession on
individual investor’s portfolio.

Reference:

1) T T Ram Mohan 2009, The impact of the crisis on Indian

Economy, Economic and Political Weekly.
2) Sazzad Parwez, 2013, Global Economic Crisis: Impact and
Implications on Services sector of India, Journal of Business
Management & Social Sciences Research.
3) Goel Shobhit & Bajpai Avinash, 2013, An Impact Analysis of
Global Recession on the Indian Banking Sector, International Journal
of Engineering and Management Studies.
4) John Brooks, Once in Golconda: A True Drama of Wall Street,
1920-1938