Conservatism helps India blunt impact of crisis
Friday, 27 February 2009
NEW DELHI, Feb 26 (PTI): The US feels that a conservative approach towards management of financial markets and capital inflows has helped India in avoiding bigger impact of the global financial meltdown.
"I think the reason India avoided some of the negative fallouts of global crisis is the more conservative approach they have towards management of financial markets and financial regulation of those markets and to capital flows and capital movements," outgoing US Ambassador David Mulford told PTI here.
At the same time, he said the financial crisis has triggered more interest in India to open up its economy further to attract foreign direct investment.
Noting that FDI has been a very important contributor to India's economy, he said, "India has been liberalising different rules, giving more freedom to investors."
"I think the reason India avoided some of the negative fallouts of global crisis is the more conservative approach they have towards management of financial markets and financial regulation of those markets and to capital flows and capital movements," outgoing US Ambassador David Mulford told PTI here.
At the same time, he said the financial crisis has triggered more interest in India to open up its economy further to attract foreign direct investment.
Noting that FDI has been a very important contributor to India's economy, he said, "India has been liberalising different rules, giving more freedom to investors."