How to ward off Indian sub prime crisis?

1. India is not immune from US sub prime crisis and thus Indian policy makers have to take following steps to avoid us being also following the path of companies like American Insurance group (AIG), Bear Sterans, Lehman Brothers, Merrill Lynch, Washington mUtual, Goldman Sachs and JP Morgan Chase.

(a) We have to be cautious to the fact that any sharp increase or decrease in financial liquidity which is not in confirmation with economic growth is a warning sign.
(b) We should put a stop to tight credit policy.
(c) We have to move to lower interest rate regime.
(d) Govt has to play an eagle eyed role in economy.
(e) Contra cycle measures needs to be adopted by govt.
(f) One can ban short selling by FIIs as US has also undertaken such measures.

2. If we as Indians can learn a lesson from US subprime crisis than we can ward off this crisis which is ready to cast its shadow on us in form of credit card and loan imbroglio with in a span of next 3-4 years.