With the help of good management techniques and foresight, India was able to maintain its position in the areas of petroleum, foreign exchange, inflation and industrial production, despite drought and war, Finance Minister Jaswant Singh said on Monday.
"In September 2002 itself, we had set up a study group to assess the likely impact of the war (Iraq) and chalk out ways to manage it," Singh said in New Delhi while addressing a convocation function organised by the International Management Institute.
Singh said the country's achievements had to be seen in the background of drought that affected the last three quarters of the previous fiscal, the impact of war and the sliding global economy.
Talking about the challenges of management, he said a person should not only be able to manage changes but also foresee those.
"Great opportunities are behind great challenges," Singh said after giving away the medals to meritorious students.