<p>Referring to the world economic crisis, he said, "India's strategy helped us to come out substantially unhurt" even if not completely insulated.<br /><br />Mukherjee, who was speaking after being honoured with the 2009 Lokmanya Tilak award here, said nobody would have imagined that the mighty US economy would plunged into a crisis of such a magnitude.<br /><br />"What should have remained confined to the US banking system, resulted into a global crisis," he added.<br /><br />The Finance Minister noted that the India's banking system rested on a sound footing following the nationalisation effected years ago.<br /><br />On the contrary, the salvage packages in the industrialised countries were being used to revive their banking sectors, he added.<br /><br />In addition to a difficult economic phase, the country had also undergone a traumatic experience of the 26/11 Mumbai terror attack, Mukherjee said.<br /><br />"However, collective leadership of India adopted a mature approach and saved a critical situation," he added.<br /><br />India has not compromised its stand on terrorism and "our tolerance and patience do not reflect weakness but underline our strength," he said.<br /><br />Paying tributes to the memory of Lokmanya Tilak on his 89th death anniversary today, Mukherjee said, he played a crucial role in India's freedom struggle injecting a stimulus into the body politic of the country and rejected colonial exploitation by the British.<br /><br />The Tilak award was handed over to Mukherjee for his distinguished services to the country by Dr Deepak Tilak who heads the Lokmanya Tilak trust.<br /><br />It carries a citation and a cash of Rs one lakh. Those present on the occasion included Maharashtra Chief Minister Ashok Chavan and Union Power Minister Sushil Kumar Shinde.</p>
<p>Referring to the world economic crisis, he said, "India's strategy helped us to come out substantially unhurt" even if not completely insulated.<br /><br />Mukherjee, who was speaking after being honoured with the 2009 Lokmanya Tilak award here, said nobody would have imagined that the mighty US economy would plunged into a crisis of such a magnitude.<br /><br />"What should have remained confined to the US banking system, resulted into a global crisis," he added.<br /><br />The Finance Minister noted that the India's banking system rested on a sound footing following the nationalisation effected years ago.<br /><br />On the contrary, the salvage packages in the industrialised countries were being used to revive their banking sectors, he added.<br /><br />In addition to a difficult economic phase, the country had also undergone a traumatic experience of the 26/11 Mumbai terror attack, Mukherjee said.<br /><br />"However, collective leadership of India adopted a mature approach and saved a critical situation," he added.<br /><br />India has not compromised its stand on terrorism and "our tolerance and patience do not reflect weakness but underline our strength," he said.<br /><br />Paying tributes to the memory of Lokmanya Tilak on his 89th death anniversary today, Mukherjee said, he played a crucial role in India's freedom struggle injecting a stimulus into the body politic of the country and rejected colonial exploitation by the British.<br /><br />The Tilak award was handed over to Mukherjee for his distinguished services to the country by Dr Deepak Tilak who heads the Lokmanya Tilak trust.<br /><br />It carries a citation and a cash of Rs one lakh. Those present on the occasion included Maharashtra Chief Minister Ashok Chavan and Union Power Minister Sushil Kumar Shinde.</p>
