The Chief Economic Adviser to Government of India, Dr. Kaushik Basu has asked sceptics not to be bogged down by economic slowdown, with the assurance that India still stands second in terms of growth rate. He was speaking at the Fourth Dr.V K R V Rao memorial lecture in Bangalore today. He pointed out that fast growing economies of the world like Brazil, Russia and South Africa have also slowed down and among the 41 prominent countries, India stands second in terms of growth rate even now.

He said that Euro summit to be held on 26th this month, will determine the future course of global economy. He stressed that it is time for reforms in the country, so when global economic turmoil ends after two years or so, then India can stand out. He recommended deeper changes within the administration to promote trade and exchange.

He also exuded confidence at the flow of Indian capital to foreign countries, saying that it is a sign of our growing strength. He however highlighted the importance of deep administrative reforms to curb red tapism. He pointed out that the country engages best brains for evolving policies but they are choked by red tapism.