World Bank impressed with India’s handling of economy in global crisis
12 Sep 2009
The World Bank on Friday showered praise on India's handling of its economy in the global economic crises with sound fiscal and monetary policies.
"India has done extraordinarily well in weathering a global crisis which was the most severe in 70 years," WB country director Roberto Zagha said.
He added that India is fortunate to have the macro economic management that it has.
Zagha said India handled the global crisis which was unprecedented both in terms of its scale and nature exceedingly well on fiscal and monetary fronts and also on issues concerning credit contraction.
He added that the World Bank was impressed with the manner in which India tackled the global crisis given that the Indian government has a situation well within control in the short term a the 11th plan giving a very good perspective for the medium term.
On the bank's short-term goals for the country, Zagha said it would essentially depend on best to support the country's priorities as set out in the 11 th Plan.