Indian economy will revive faster than other countries: RBI
March 15th, 2009 - 9:54 pm ICT by IANSLondon, March 15 (IANS) The Indian economy will likely revive faster than other countries though it is difficult to predict when, Reserve Bank of India (RBI) Governor D. Subbarao said Sunday.
Subbarao, who is now in London to attend the Group-20 meet, told BBC World Broadcast in an interview that India could be an engine for global economic revival.
“India can be a growth engine. Not that India can recover ahead of the world. But when recovery starts, India’s recovery is going to be sharp and rapid,” said Subbarao.
According to him, the slowdown has hit the Indian economy in financial and manufacturing sectors, and it is difficult to predict when the economy will recover.
But India’s financial sector still remains sound, safe and well-capitalised, thanks to the prudent policy actions initiated by the government and the central bank, the governor added.
The Indian government has already announced two stimulus packages, while the apex bank has slashed key interest rates several times.
Subbarao added that India had benefited from globalisation and would not turn away from it.
“Globalisation is a double-edged sword. It comes with benefits and costs, so I don’t think pulling out of the global system is an option for any country,” he added.
- Globalisation double-edged sword for India: Subbarao - Mar 30, 2012
- India, US to deepen ties in reforms, infrastructure finance - Jun 29, 2011
- Reserve Bank of India Governor D.Subbarao gets two-year extension - Aug 09, 2011
- Economy revives but inflation, reforms sore points (2010 in Retrospect) - Dec 29, 2010
- India warns rising oil prices could hit global recovery - Apr 17, 2011
- Global slowdown, reason for lowering growth projection: RBI - Oct 25, 2011
- Realty industry welcomes rate cut, sees benefit for all (Lead) - Apr 17, 2012
- India's recovery fragile, says RBI governor - Nov 27, 2009
- India poised to grow at 8 percent, inflation worrisome - Apr 25, 2010
- Industry welcomes monetary policy, says stimulus still needed - Oct 27, 2009
- Slow recovery, Europe remain uncertainties: China (Lead) - Mar 12, 2012
- Improve pay at public sector banks: Subbarao - Sep 07, 2010
- Lower lending rates, hike deposit rates, banks told - Dec 03, 2010
- Inflation an offshoot of policies of developed countries: Pranab - Sep 07, 2011
- Global economy heading for another downturn: RBI - Jan 24, 2012
Tags: apex, apex bank, bank of india, bbc world, double edged sword, economic revival, financial sector, global system, globalisation, indian economy, indian government, london march, manufacturing sectors, policy actions, rbi governor, reserve bank of india, several times, slowdown, stimulus, subbarao