Wednesday, October 15, 2008
India to react swiftly if needed, economy strong
India is watching the global financial crisis closely, and will react swiftly to the needs of the market and will take steps to pump in cash if required, its finance minister said on October 8.
The statement was the latest attempt by Indian policymakers to calm rattled markets, with the benchmark share index down 44 percent this year and the rupee at its weakest in six years as investors pull funds from higher risk emerging markets amid fears of a global recession.
The comments, issued by the cabinet of Prime Minister Manmohan Singh after a meeting to review the financial situation, came just hours after the U.S. Federal Reserve led central banks in a round of rate cuts aimed at staving off economic contraction.
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
The statement was the latest attempt by Indian policymakers to calm rattled markets, with the benchmark share index down 44 percent this year and the rupee at its weakest in six years as investors pull funds from higher risk emerging markets amid fears of a global recession.
The comments, issued by the cabinet of Prime Minister Manmohan Singh after a meeting to review the financial situation, came just hours after the U.S. Federal Reserve led central banks in a round of rate cuts aimed at staving off economic contraction.
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
Labels: benchmark index, Europe economies, finance minister, financial crisis, financial turmoil, india, Indian policymakers, market, rupee, share, Trade Minister Kamal Nath
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