India - Managing the Impact of the Global Financial Crisis

This is a speech delivered at the Confederation of Indian Industry's National Conference and Annual Session 2009 in New Delhi on March 26, 2009. - By Duvvuri Subbarao, RBI Governor

The article talks about the various fiscal and monetary policies that have been announced to combat this crisis. Subbarao also talks about the outlook for India.

I don't agree with one point that he mentioned in his speech-

Finally, over the years, India has built an extensive network of social safety-net programmes, including the flagship rural employment guarantee programme. These uniquely Indian versions of automatic stabilizers should protect the poor from the extreme impact of the global crisis.

I don't think the flagship rural employment guarantee programme of the UPA is an automatic stabilizer by any stretch of imagination. An article in IndianExpress shows how the plan is behind in delivering its intended benefits- In most cases, the number of job-days are as less as 25, a government-sponsored panel said.
Anyways, I don't think of this as a major stabilizer and definitely not as an automatic one