Recession Begins to Bite

the standby credit of $ 2.2 billion to India, reflecting its support for India's economic liberalisation. International bankers see India regaining the confidence of the in- ternational money market and are hopeful that it may now re-emerge on the international commercial loan market. The Narasimham panel is reported to be looking into the modalities of permitting new private sector banks to set up shop in the country.