Indian economy will weather global financial storm: Chidambaram

October 8th, 2008 - 10:55 pm ICT by IANS  

New Delhi, Oct 8 (IANS) The Indian economy “has the capacity and resilience to weather the (financial) storm brewing across the world”, Finance Minister P. Chidmbaram declared here Wednesday.”No one need have any fear,” he added while reading out a statement on behalf of the Indian cabinet to reporters here.

“We are watching the situation carefully and continually and will take steps swiftly” to respond to any liquidity crunch in the Indian market, the finance minister said.

He also pointed out that the fundamentals of the Indian economy were “strong”, with GDP growth of 7.9 percent recorded in the April-June first quarter of the current fiscal.

Going by current trends the GDP growth for the entire fiscal to March 2009 would be close to eight percent, Chidambaram maintained.

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