Global slowdown will have minimum impact on Indian economy: SBI
The global financial crises will have minimum impact on the Indian economy and the country will do better than the rest of the world, chief of India's major public sector bank has said.
By PTI |
TORONTO: The global financial crises will have minimum impact on the Indian economy and the country will do better than the rest of the world, chief of India's major public sector bank has said.
India should be able to achieve an annual growth of about seven to eight per cent -- quite a good figure, considering the current climate, President and Chief Executive Officer of the State Bank of India (Canada) Arun Nagarajan said.
However, "no one can predict how long or deep the current market turmoil will be," Nagarajan said while addressing Indo-Canadian community here at a Diwali dinner hosted by the bank.
Urging Canadian investors to invest in India, Nagarajan said that the country's banking system was sound and well capitalised.
"It was not exposed to the type of assets which have given rise to the global financial crisis," he said, adding that this was the time for investors to buy stocks and hold them for some time.
India should be able to achieve an annual growth of about seven to eight per cent -- quite a good figure, considering the current climate, President and Chief Executive Officer of the State Bank of India (Canada) Arun Nagarajan said.
However, "no one can predict how long or deep the current market turmoil will be," Nagarajan said while addressing Indo-Canadian community here at a Diwali dinner hosted by the bank.
Urging Canadian investors to invest in India, Nagarajan said that the country's banking system was sound and well capitalised.
"It was not exposed to the type of assets which have given rise to the global financial crisis," he said, adding that this was the time for investors to buy stocks and hold them for some time.
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