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Earthquake/Tsunami in Japan
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The effect on India
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n Japan, the world’s third largest economy, has suffered one of the worst earthquakes followed by a tsunami. The 8.9 magnitude earthquake, triggered a devastating tsunami, wreaking havoc in certain areas in North Japan, which represents 2% of the nation’s economy.
n Japan contributes 8.7% to the global GDP, with total trade to the tune of US$27,563bn. Its total trade to India is US$464bn.
n We believe that natural calamities are likely to have lesser impact as compared to financial crises. This is due to the fact that global finance is inter-related and hence, the impact is more spread out.
n It will be difficult to assess the exact impact of this event on the Indian economy at this point in time. However, we have tried to present some relevant data points and indicated some red flags.
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