India open to unconventional steps to maintain financial stability

October 24th, 2008 - 2:54 pm ICT by IANS  

New Delhi, Oct 24 (IANS) Reiterating India’s strong economic fundamentals, Finance Minister P. Chidambaram Friday said the government was open to adopting unconventional measures to maintain financial stability.”To manage financial stability and sustaining growth, we have to adopt unconventional measures, if necessary,” Chidambaram told reporters here, adding that the Reserve Bank of India (RBI) would step in whenever necessary to ensure this.

“RBI will act swiftly as and when necessary to maintain financial stability,” he said. “Our financial system is strong, our economic fundamentals are strong. RBI has endorsed the assessment.”

Chidambaram said India was not the cause of the global financial crisis but wanted to be a part of the solution to the problem.

“We are faced with the ripples of the global effect”.

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