“Inflation challenge faced by India is partly an offshoot of the policy response in developed countries to the crisis,” Mukherjee said at the 106th foundation day celebrations here of Bank of India.
He said the financial crisis, which started from the US, has affected most parts of the world, including India, because of globalisation. “We are living in a globalised world. Globalisation has its benefits but also poses challenges. One such challenge was the global financial crisis.”
The finance minister said the effect of the crisis was not over yet and many countries were still struggling to find a way forward. “The global economy is still trying to cope up with after-effects of the financial crisis,” he said.
Mukherjee emphasised the need for taking bold and innovative steps to cope with the challenges posed by the financial crisis.
Published 07 September 2011, 14:59 IST