The flexibility shown by the Indian economy during the world-wide recession reflects its development on the economic management of the country and the growing competitiveness of our enterprise, said Union Finance minister Pranab Mukherjee at the inaugural session of the Second International Finance Conference organized by the Indian Institute of Management-Calcutta (IIMC) in Kolkata on Monday. The overall GDP growth of 8.9 per cent in the first half of 2010-11 takes India back on a high growth path that the economy was negotiating on in the years prior to the crisis. However, concern on inflation remains, he also added. Mentioning that India's growth momentum, to some extent, is affected by the developments in the western world, he said that a faster recovery in the west will benefit all. Referring to the Financial Stability and development Council (FSDC), set up by the government to strengthen and institutionalize the mechanism for maintaining financial stability, the finance minister said that the government will also set up a Financial Sector Legislative Reforms Commission (FSLRC) to rewrite and clean up the financial sector laws and bring them in line with the requirements of the sector. He said that government has accorded high importance to financial inclusion as it is a key determinant of sustainable and inclusive growth. “The government is committed to provide access to affordable financial services, especially credit and insurance to empower the poor and to enable the unbanked to become vibrant and productive participants in the process of economic growth,” he stated.
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