India's economic strategy effective in global crisis: FM

PUNE: Finance Minister Pranab Mukherjee on Saturday said that the Indian government's economic strategy had blunted the impact of current global downturn.

Referring to the world economic crisis, he said, "India's strategy helped us to come out substantially unhurt" even if not completely insulated.

Mukherjee, who was speaking after being honoured with the 2009 Lokmanya Tilak award here, said nobody would have imagined that the mighty US economy would plunged into a crisis of such a magnitude.

"What should have remained confined to the US banking system, resulted into a global crisis," he added.

The Finance Minister noted that the India's banking system rested on a sound footing following the nationalisation effected years ago.

On the contrary, the salvage packages in the industrialised countries were being used to revive their banking sectors, he added.