Indian banks on firm foot even after west’s collapse: Mukherjee

MURSHIDABAD - Union Finance Minister Pranab Mukherjee on Sunday said Indian banks were on a firm footing, even as their global counterparts in western countries collapsed due to the financial crisis.

Mukherjee was addressing gathering after inaugurating a branch of the Dena Bank here.

Murshidabad is over 250 kilometers from Kolkata.

“Indian banks do not chase hot money, and hence, don’t fall prey to the asset bubble,” Mukherjee said.

Referring to recent financial crisis that had hit the US, Mukherjee pointed out that the country’s banking system was not involved in speculative activities like its counterparts in the U.S. and Europe.

He praised Indian banking system for its role in achieving inclusive growth.

Highlighting growth prospects in his address, Mukherjee said in the just concluded fiscal, the country’s GDP growth is expected to be around 7.2 per cent.

He expreesed confidence about achieving 8.5 percent GDP in the current fiscal.

Mukherjee said that the declining trend in GDP growth has been arrested due to various tax breaks given by the government. (ANI)