Bank balance sheets continue to grow and that growth has not, to date, seen any rise in asset impairment. Loan default rates remain very low and bank profitability strong. We would obviously be remiss, however, and probably in the wrong jobs, if we were simply to rest on our laurels and hope that the risks do not eventuate or that trouble does not happen.
Among other factors, suitable policy measures in respect of the external sector insulated India from the 1997 Asian crisis. We have moved forward gradually towards Capital Account Convertibility with a broad reform agenda that encompasses trade, competition, reform of the financial system and industrial restructuring.