Indian economy doing pretty well thank you says Wolfensohn of World Bank.
Anil:
Well here is some good news.
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Source: The Indian Express
Saturday, October 3, 1998
Nation's economy on sound wicket, says Wolfensohn
Vasantha Arora
WASHINGTON, OCT 2: World Bank president James Wolfensohn has complimented India for its prudent economic management that helped it secure foreign investment without exposing its economy to the adverse effects of the east Asian crisis.
He made this observation when a journalist asked at a press conference here if India's "comparative stability" in the face of the Asian economic crisis due to its conservative approach could be an argument against liberalisation.
Wolfensohn remarked: "Well, it could be, but then it could not be. I think India has done a pretty good job in terms of running the country."
He, however, said there were a lot of factors that made this performance possible. These included a fairly strong education campaign, a shift to high-tech exports, development of new industries and delegation of powers to the states, which he felt had gone very well overall.
Another factor he listed for India's good performance was the fact that it had not been overly exposed in terms of global financialflows. "It has not been a place for quick money in terms of trading. So I think you have been protected from some of the worst impacts of global flows," he remarked.
At the same time, he pointed out India had been able to attract "pretty good investments. So, I think, India has done a pretty good job, but I wouldn't want to give you a blanket headline on whether that is a reason for one course or another. I think India has chosen a very good course and so far has done very well."......
financialexpress.com
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