India is nowhere near recession, says Chidambram

December 16th, 2008 - 11:34 pm ICT by ANI  

Manmohan Singh

New Delhi, Dec. 16 (ANI): Former Minister P Chidambaram said here on Tuesday India is nowhere near recession
While addressing the members of Rajya Sabha, he said that India is only affected by global growth.
He said, The world economy in many countries are indeed already in recession or facing recession India is no where near recession we are affected by the slowdown in global growth.
Chidambaram further added that very sharp rise in international commodity prices especially crude and metals caused the upward trend in inflation that was witnessed since the month of April.
Chidambram added, This upward trend in inflation that we witnessed since the month of April was caused by very sharp rise in international commodity prices especially crude and metals. Food prices have also increased. Today the trend is all these prices are inching downwards. There is a trending downward of crude oil prices commodity prices and in case of most food products that is reflected in the prices in India..
Chidambaram, who was formerly finance minister, was answering a question on behalf of Prime Minister Manmohan Singh, who now holds the finance portfolio.(ANI)

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