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India: Banking system "well managed"

06-30-2010 09:26 BJT

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Indian Prime Minister, Manmohan Singh, says his country's banking system remains well managed and the capital inflows through direct investment and port-folio investment has been reasonable.

Singh, a renowned economist and chief architect of India's economic reforms in the 1990s, urged the need for caution while attempting fiscal consolidation, because many economies are still in a fragile state of recovery.

Singh expressed satisfaction with the state of India's banking system, and the fiscal health saying the country stood in a better position than the other developed countries. That's in regard to fiscal deficit and the Gross Domestic Product to debt ratio.

Manmohan Singh, Indian Prime Minister said "As far as India is concerned, our banking system remains well managed. Our economy is growing at the rate of eight-and-half percent per annum. Our fiscal situation is a cause of concern but when you compare with the fiscal deficit or the GDP debt ratio of major developed countries, I think we come out much better."

Editor:Xiong Qu |Source:

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