|  | Indian economy is stable, says ADB ChiefNov 16, 2008 - 05:59 - WAM New Delhi, Nov 16 (WAM) India's economy is stable and should grow at a pace of 7.8 per cent, according to Asian Development Bank (ADB) Managing Director Rajat Nag.
He told newsmen on the sidelines of the World Economic Forum meet here that 'the Asian and Indian financial markets are in good shape as the non-performing loans are low and market capitalisation is good'.
Indian leaders also say that while the global meltdown and the recent spike in oil prices hit the country very hard, the situation should improve although the target of 9 to 10 per cent growth rate was unlikely to be achieved.
The Indian government has initiated several fiscal steps to pump in money in the economy, and urged the private sector not to lay off jobs. The state-run companies have been advised to cut expenses but not to sack any one.
Prime Minister Manmohan Singh has himself cut down the expenditure on his office and asked his ministerial colleagues also to do so. Even foreign visits, for instance, have been cut down to the bare minimum.
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