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India`s economic strategy effective in global crisis: FM

Last Updated: Saturday, August 1, 2009 - 22:25

Pune: Finance Minister Pranab Mukherjee on Saturday
said that the Indian government`s economic strategy had
blunted the impact of current global downturn.

Referring to the world economic crisis, he said, "India`s
strategy helped us to come out substantially unhurt" even if
not completely insulated.

Mukherjee, who was speaking after being honoured with
the 2009 Lokmanya Tilak award here, said nobody would have
imagined that the mighty US economy would plunged into a
crisis of such a magnitude.

"What should have remained confined to the US banking
system, resulted into a global crisis," he added.

The Finance Minister noted that the India`s banking
system rested on a sound footing following the nationalisation
effected years ago.

On the contrary, the salvage packages in the
industrialised countries were being used to revive their
banking sectors, he added.

Bureau Report

First Published: Saturday, August 1, 2009 - 22:25
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