give thanks inviting keynote speaker financial management summit global economy passing deepest financial economic crisis time protect american indian economy worst impact crisis big challenge government backlog bank every bit witting fact industry business sector investors gathered today make challenging adjustments difficult times chinese read crataegus laevigata unrecorded matter to times hardly complain interesting times perhaps bit interesting came reserve bank laugher inflation about world india overriding concern less month later bend biggest global recession times severe financial dislocation concerns deflation becoming globose chorus crisis management around world period macroeconomic management needless say challenging financial crisis called question respective fundamental assumptions beliefs economic resiliency financial stability advanced economies synchronised recession global gdp visualize contract first clip since second world state of war lulled believing rewards great moderation us ever enjoy great unravelling hit us forced us great recession governments central banks around world responded crisis unprecedented show up policy force shock awe fiscal stimulus pecuniary comfort still us importantly given nature crisis purely national responses supplemented global exertion group country met twice last six months april meeting leaders collectively committed select decisive organise comprehensive actions revive growth restore stability fiscal system restart impaired credit markets rebuild confidence financial commercialise institutions crisis forced macroeconomic policy more or less world clearly uncharted territory political science primal banks took largely unprecedented fiscal monetary policy measures prevent spherical recession turning protracted depression analysts said chemical reaction others criticized tyranny curtly term compromising medium term sustainability received wisdom mainstream position clearly safer err much rather little thus policy response seen insurance risk real way judging whether overinsuring underinsuring indeed world overinsured risk liquidity potential trigger bout undesirable ostentatiousness conversely underinsured recession could turn mysterious nastier longer know experience path measure apriori whether insured right policymakers world perhaps erring face overinsuring keeping fiscal markets flush liquidity providing strong fiscal support using breathing space provide policy support restructure financial system hoping withdraw liquidity stimulus retrieval business firm inflationary threats take root notwithstanding relative calm recent weeks worldwide financial outlook continues uncertain clear seen end emergence tainted assets doubts persevere whether initiatives underway sufficient restore constancy fiscal arrangement continued debate adequacy fiscal stimulant packages crosswise countries effectiveness get downswing reversing book of job losses reviving consumer confidence many major central banks nearly totally exhausted conventional weaponry calibrating policy interest rates resorting unconventional measures quantitative credit alleviation given erosion pecuniary policy transmission mechanism concerns extent monetary response admittedly aggressive begin impact reviving mention flows spurring aggregate demand india crisis response challenge home impact crisis deeper anticipated earlier although less severe emerging market economies extent impact caused dismay mainly 2 anchor first financial sector stay healthy conduct exposure tainted assets sheet activities limited second merchandise exports less per cent gdp relatively pocketsized despite mitigating factors crisis collide with india underscoring rising trade goods service fiscal integration rest globe several comforting factors going slowdown first financial markets particularly banks continued run normally second comfortable foreign exchange reserves provide confidence ability manage balance payments notwithstanding lower export demand dampened uppercase letter flows