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Indian leaders take on global recession and its India effect
By siliconindia
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Friday, 12 August 2011, 00:07 IST
Our economic pundits and the heads of different government financial agencies are confident about the stability of our economy and they rubbish any grave fallout of the current economic crisis on India. Best known as the trouble shooter among his party members, Indian Finance Minister Pranab Mukherjee does not see it as a serious trouble and said, "There are difficulties and some sort of a crisis. But there is no need to press the panic button. I do not want to worry unnecessarily." Reaffirming his confidence on the stability of Indian economy, he said, "India's fundamentals are strong and the country is in a better position than other nations to meet the challenge."
Kaushik Basu, Chief Economic Advisor in the Finance Ministry said, "In the next months and in the medium-to-long run, there will be global capital in search of safe haven, we can become the safe haven that a lot of global capital will be seeking."
Prime Minister's economic advisory panel said that there is no need for any stimulus package to help the industry tide over the impact of the crisis following downgrade of the U.S. credit rating by Standard and Poor's. "I don't think industry needs any fiscal stimulus," said PMEAC Chairman C Rangarajan.
However, Assocham Secretary General D S Rawat opined, "a slow pace of recovery in the U.S. could also prompt hard hit sectors in India to call for another stimulus package by the government to boost investments and demand."
