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04. October 2009

Recession reports - India weathered crisis well

World Bank said that India has done extraordinarily well in tackling the global economic crisis with sound fiscal and monetary policies.

Mr Roberto Zagha director of WB Country said that "India has done extraordinarily well in weathering a global crisis which was the most severe in 70 years.”  He said that "India is fortunate to have had a macro economic management that it has.”

Noting that the global crisis was of unprecedented proportions and nature, he said India handled it remarkably well on fiscal and monetary fronts as also on issues relating to contraction in credit.  Mr Zagha said that "WB is very much appreciative of how India tackled the global crisis. We are very impressed. Indian Government has a situation very well in hand in the short term and the 11th Plan gives a very good perspective for the medium term.”

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