Regulatory system helped India tide over economic meltdown

The emphasis on the inclusive growth and the regulatory system helped India to tide over the impact of recession even though every thing is not fine in the country.

Similarly, the world economy has also exhibited some degree of resoluteness as it is already on a path of recovery from this global financial crisis within in a relatively short period of time, feel the experts.

“The revival from a state of depression has not taken much time and it can be tackled faster in future with technological innovations taking place round the world”, Vivekananda Pattanayak, chairman, Bhubaneswar Stock Exchange (Bhse) said here.

Addressing the participants in national seminar on global financial crisis organised by the Vivekananda Institute of Social Work and Social Sciences (VISWASS) Pattanayak said, things have changed since the crisis erupted last fiscal.

Since the modern world is interdependent and the world is facing rising population and depletion of resources, a new global consensus is required to face the problems. On the other hand, there is an increasing need to improve the service delivery in India, he added.

Prof. R K Bal of Utkal University said, greed and overconfidence as reflected in under assessment of risks and ignorance about various financial products were responsible for the crisis.