India's economy is stable and people's bank deposits are safe:PM

New Delhi, Oct 20 (UNI) Accepting that India is experiencing ''the ripple effects'' of the global meltdown, Prime Minister Manmohan Singh today assured the nation that the country's banking system is financially sound and people's deposits are safe.

Stating that fundamentals of the Indian economy are stable, the Prime Minister,in a suo motu statement in the Lok Sabha, however, said there could be ''a temporary slowdown in the Indian economy''.

He said some estimates project GDP growth to decelerate to 7.5 per cent, while the most pessimistic estimates peg it at no less than 7 per cent. But he assured that his government's effort will be to minimise the negatives of the financial crisis and return to the growth trajectory of 9 per cent once global situation stabilises.

The country's economy grew at 9.2 per cent in 2007-08.

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