India Shows Resilience During Current Economic Downturn, Says ADB President

DELHI, INDIA - India has shown resilience during the current global economic downturn which has seen a slowdown in growth in regional economies, Asian Development Bank (ADB) President Haruhiko Kuroda said in Delhi at the end of a two-day visit.

The global downturn may be deeper and the recovery take longer than earlier expected, he said. However, India's economy was expected to grow at around 7% in 2008. "Although lower than last year's 9% growth, this is nonetheless an impressive growth rate and a remarkable demonstration of India's resilience," he said.

During his two-day visit, he told delegates at the Delhi-based Research and Information Systems for Developing Countries' Silver Jubilee that the global financial crisis requires a global solution. Besides the immediate short-term actions to stabilize finance, longer-term planning to reform the regulatory and institutional framework for the world's financial systems was needed. An "Asian Financial Stability Dialogue" including finance ministries, central banks and other financial regulators could discuss and coordinate efforts to address the financial crisis.

President Kuroda also discussed issues of strategic relevance with senior government officials including the Home Minister, Mr P. Chidambaram; External Affairs/Finance Minister, Mr P. Mukherjee; Finance Secretary, Mr Ashok Chawla, and Deputy Chairman of the Planning Commission, Mr Montek Singh Ahluwalia, among others.

At a high-level conference on Sustainable Development, the ADB President told the 1,000 delegates, that while Asia must continue to grow, it has the responsibility to grow sustainably. Asia must urgently act in three priority areas of energy, cities and forests to limit greenhouse gas emissions, he said. He also announced a grant to support the "Lighting a billion lives" campaign sponsored by The Energy and Resources Institute.

Since 1986, ADB has provided more than $19. 2 billion of assistance through loans, grants, and technical assistance packages.

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