Global economic crisis created by bankers: Swraj Paul

August 11th, 2008 - 11:08 pm ICT by IANS  

New Delhi, August 11 (IANS) The present economic crisis that has hit most of the countries across the world has been created by the investment bankers, Britain-based NRI businessman Lord Swraj Paul said Monday. “Investment bankers have gone overboard by giving loans to people, which were more than their repaying capacity,” Paul said during an interaction with the women’s wing of Federation of Indian Chamber of Commerce and Industry (Ficci).

“This crisis could be worse than what has been imagined, as the banks have not come out with the truth”, he added.

Speaking on present Indian economy, Paul said: “It’s better to go slow on growth and keep inflation under control rather than bearing inflation with 10 percent GDP (gross domestic product).”

“India’s progress is remarkable but it is disheartening to see that it has been done at the cost of neglecting more than 80 percent of the common people of India who do not share the success story,” Paul added.

“The economic growth will not be sustainable with 600 million people living below $1 per head income and 30 percent of children deprived of primary education. Economic growth must be inclusive,” he said.

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