Prime Minister, Dr. Manmohan Singh assured Lok Sabha that Indian banking system is stable and people's deposits with public and private banks are entirely safe. He ruled out any direct impact of global financial crisis on the Indian economy but he confessed its indirect impacts on the country growth.

Government is taking various steps to galvanize India from the global slowdown. Indian banks are financially very sound and they have very small exposure to the sub-prime mortgage assets. So people no need to worry about their money.

Reserve bank has already taken many financial steps to safeguard Indian interests. The government may take more steps to revise interest rates if needed. PM hoped that the whole sale price index based inflation rate would soon come down under the prescribed limits of RBI. He said that the world economic situation causes a steep decline in the stock markets of world and it is affecting Indian stock market as well. He assured the house that India would register at least 7 percent growth rate in the current fiscal despite slowdown.