By IANS,
Mumbai : This in a nutshell is what Reserve Bank Governor D. Subbarao had to say:
– Global financial system is in a crisis of unprecedented dimensions.
– India’s financial sector is stable and healthy. Indian banks have been affected only peripherally…
– India’s balance of payments continues to reflect strength and resilience in a highly unsettled international environment.
– Widening gaps in the physical infrastructure, markedly in power but elsewhere too except in coal production, could impose a binding constraint on growth.
– Our financial system is strong and healthy, and our economic fundamentals are strong. Once the global situation is managed and calm and confidence are restored, we will return to our higher growth trajectory.