Reserve Bank of India governor Bimal Jalan has declared that India was one of the fastest growing economies in the world despite drought and problems associated with the downturn in the global economy.
Jalan is in Bangalore to preside over the annual meeting of the Asian Clearing Union (ACU).
The RBI governor has also called for increasing the volume of trade among the seven-member countries of the Asian Clearing Union to benefit each other and make optimal utilisation of the current payment and settlement mechanism.
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Speaking to media persons on the sidelines of the meeting, Jalan said the monetary policies initiated in the recent past were bearing fruits and were being followed by other member countries in the ACU region.