How India Managed to Avoid the Financial Crisis

I am really impressed by the way western people can be so honest and candid, even in public settings. This is a great article that Joe Nocera wrote for the New York Times, where he compares the American banking system and the Indian banking system and how the Indian system was able to escape the malaise that has struck the American system. He is also all praise for Mr. Reddy, the former Chairman of the Reserve Bank of India.

Here is the link: http://www.nytimes.com/2008/12/20/business/20nocera.html?_r=1&8dpc

and the article is a must-read.