American economist praises RBI's safer home loan norms

Praising Reserve Bank of India (RBI) for having safer home loan norms, American economist Duglas J Young said India does not have much impact of economic slowdown because of RBI's safer home loan norms.     

Economic slowdown's impact in India is less and banks are survived only because of RBI's norms in housing loan, Young said while addressing city's businessmen and professionals at a seminar last night. Indian banks give housing loan 80 per cent which help them to survive dispite discreaing property rates.     

Young said India has achieved 9.5 per cent of GDP rate while other countries in the world had the rate between 4.5 to 6 per cent.    

He, however, expressed fear that Non Resident Indian (NRI) investment in India can be dicreased because NRIs living in Amrecia and European countries are facing the slowdown which forced them to cut short their investmet in India.     

Young, who is also a proffesor in America's Montesa Universty had been here for last two days.     

The seminar was organised jointly by Rajkot Chamber of Commerce and Industry (RCCI) and American Centre, Mumbai.