Warning that India could face prolonged repercussions of the global economic crisis, Finance Minister Pranab Mukherjee said in Kolkata that the country will have to remain alert to deal with the situation through real-time policy responses. In order to deal with the impact of emerging global situation, Mukherjee said government has to be prompt to shape real-time policy responses, reform systems, improve the regulatory framework of institutions and make the most of the opportunities coming in our way.Unlike the financial crisis in 2008-09, which was caused by the banking system in the US, he said, the current round of troubles emanate from fear of sovereign default in Greece,Italy and some other Euro-zone countries. India, he added, cannot remain unaffected by the developments and pressure would be felt on external trade and capital flows. However, despite some of the concerns, he said Indian banks are safer than their counterparts in the west.He added that the Indian banking system is more stable than those that operate in many of the developed countries. He noted that the prudent risk practices that the Indian banks follow make them far safer than many of their global peersReferring to the initiatives being taken by the government to carry forward the financial sector reforms, Mukherjee said, Legislations have been introduced in the Parliament to address some of the issues in the financial sector, including insurance, banking and pension sectors. The minister also called upon the private sector banks to play a pro-active role in promoting financial inclusion.