Crisis has spared India: deputy Mohan

India has by-and-large been spared of the consequences of the fallout from the US subprime crisis, Rakesh Mohan, a deputy governor at the Reserve Bank of India, said.

The deputy added that there were a number of reasons for this:

· domestic demand is the main driver of growth and the country's reliance on foreign savings has remained around 1.5%;

· high levels of foreign-exchange reserves

· the credit derivatives market is in an embryonic stage; with the originate-to-distribute model not

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