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Monday, May 10, 2010

Greek crisis impact on India seen minimal - policymakers

India sees minimal impact from the Greek debt contagion despite some likely capital outflows in the near term, top policymakers said on Monday.

Finance Secretary Ashok Chawla said he expected the Greek sovereign debt crisis to have a minimal impact on India, while one of the deputy governors at the Reserve Bank of India, Subir Gokarn, said there may not be any impact in the long term.

"There might be some nervousness among investors worldwide which might provoke capital outflows from emerging markets in the short run, so there is a risk of short-term vulnerability of capital outflows," Gokarn said in a separate event in Kolkata.

European Union finance ministers agreed an emergency loan package on Monday that with IMF support could reach 750 billion euros ($1 trillion) to prevent a sovereign debt crisis spreading through the euro zone.

Separately, Chawla said India's inflation was spreading to non-food items.

High manufacturing inflation would be taken into account for policy making going forward as it was more worrisome than food prices, said Gokarn.

FII LIMIT

The government is looking at raising the foreign institutional investors (FII) investment limit in debt, said Chawla.

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