Asia, India financially stable: Asian Development Bank chief

November 16th, 2008 - 6:49 pm ICT by IANS  

New Delhi, Nov 16 (IANS) Despite the global slowdown, the financial outlook in Asia and India is still very strong, a top executive of an international development finance institution said here Sunday.”The Asian and Indian financial markets are in good shape as the non-performing loans are low and market capitalisation is good,” Asian Development Bank managing director general Rajat M. Nag told reporters on the sidelines of a World Economic Forum meet.

“We are expecting a 7.8 percent growth in the 2009 fiscal year in Asia,” Nag said, adding: “A lot depends on how the crisis unwinds but we are still in the 6-7 percent growth range.”

Moreover, he said, banks are resilient and can easily sail through the current crisis.

“It is also important that the banks now start giving out loans as it is an issue of confidence that needs to be instilled in the market,” Nag said.

ICICI bank managing director and chief executive K.V. Kamath said there can be rate cuts in the months to follow with the easing of the inflation.

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