India can weather the global financial storm: Chidambaram

October 7th, 2008 - 2:18 pm ICT by IANS  

New Delhi, Oct 7 (IANS) The global financial crisis will affect India indirectly and require industry and the regulators to remain ever so vigilant to weather the storm, Finance Minister P. Chidambaram has said.“There is a storm blowing across the world,” Chidambaram said at an event to give away the “NDTV Business Leader of the Year Awards” here last evening.

“India will be affected to some extent, although indirectly. But Indian business and industry have placed India in a situation where we can weather the storm. We will remain vigilant,” the finance minister said.

“Our regulators have shown great agility. You saw the Securities and Exchange Board of India move quickly earlier this (Monday) evening and the Reserve Bank of India also moved quickly immediately thereafter.”

The finance minister said there are number of positive signals to show that the Indian economy was on the fast track, like robust growth in taxes, sharp pickup in exports and impressive growth for several industries.

“Going forward, we can still end this year with a growth rate of 8 percent. I am confident that in 2009-10, the growth rate will bounce back to 9 percent,” said the finance minister.

Chidambaram said there was nothing to fear for India and India Inc. “What is there to fear? There is nothing to fear but fear itself,” he said.

“I want you to be confident, optimistic. We will remain vigilant and move with speed and agility according to the demands of the situation. I know you have the capacity to make India stronger and all Indians prouder.”

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