India weathering economic crisis better than others: Ahluwalia
Planning Commission Deputy Chairman Montek Singh Ahluwalia has said India is weathering the severe global economic crisis better than the other economies of the world.business Updated: Apr 27, 2009 08:28 IST
Planning Commission Deputy Chairman Montek Singh Ahluwalia has said India is weathering the severe global economic crisis better than the other economies of the world.
"The crisis in the global economy is very severe. We are weathering it better than most countries," Ahluwalia told news agencies in an interview in Washington on the sidelines of the ministerial level meeting of the G-20 countries to discuss the follow up of the London Summit early this month.
Referring to the IMF projections, which are expecting that this year the global economy will contract by 1.3 per cent, he said India's economy is expected to increase by six per cent. "Next year they expect the global economy to improve. I am hoping that our economy will also be able to improve," he said.
Ahluwalia said emerging economies are growing faster than the advanced economies and within that it depends from region to region.
"Asia is doing well, Eastern Europe very badly and Latin America not so good. Obviously, it is not a comfortable situation," he observed.