New Delhi, Deputy Chairman of Planning Commission Montek Singh Ahluwalia has assured the Air Force personnel that the banking system is safe and the economy, which is in good state, will be able to withstand the impact of global financial turmoil.
"Indian economy is on a sound footing and should be able to absorb the shock of economic slow down and recession all over," he said while addressing the senior Indian Air Force (IAF) commanders from the Western Air Command (WAC) here yesterday.

Giving an insight to the Commanders in light of the economic turmoil, Ahluwalia said the country should not worry as India's banking and economic institutions were strong.

"The in-built mechanism of our banking and economic system is strong and no one should get unduly worried," he said.

Ahluwalia told the IAF officers that the government was taking all measures to ensure stability in the economy.

"Government has taken all possible corrective measures to ensure that our economy remains stable and the effect of slow down is minimised," he added.

On the inaugural day of the conference, WAC chief Air Marshal P K Barbora had also discussed the global economic scenario and asked his Commanders to heighten the vigil in view of the increasing instability in the neighbourhood due to the impact of the meltdown.

"The world economy is in a turmoil posing new challenges to our country. Instability already exists in our neighbourhood. Hence, we need to be more vigilant than ever before," Barbora said.

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