Fed has announced a 75bps rate cut......
FM says liquidity will not be an
Finance Minister P Chidambaram today said the fundamentals of the economy are strong and liquidity will not be a problem. Chidambaram said there was no reason at all to allow the worries of the Western world to overwhelm us. Our economy is very different from some developed economies which are facing some stress, he said.
The finance minister further stated that Reserve Bank of
FM urges calm amid stock market falls
Indian investors should stay calm in the face of sharp stock market falls as the fundamentals of the economy are strong, Finance Minister Palaniappan Chidambaram said on Tuesday.
Indian shares fell more than 11 percent in the first few minutes of trade on Tuesday as panic-stricken investors dumped stocks, setting off circuit breakers that automatically halted trade for an hour. "We had anticipated the market to open on a downward trend and hit the circuit breaker. My advice to investors is to stay calm," Chidambaram told reporters.
"The economy will grow this year at close to 9.0 percent and even according to Dr. Rangarajan's committee report it will grow 8.5 percent next year." Rangarajan heads the prime minister's Economic Advisory Counci
Capital market growth is priority concern: PM
Reacting to the stock market crash, the Prime Minister, Dr Manmohan Singh, today said that corrections do happen in the market and the orderly growth of the stock market was a priority concern for the Government.
Dr Singh told presspersons here that the fundamentals of the economy were eminently strong and the market would grow in an orderly fashion.
“I would like to assure the Indian public that sustaining growth in the capital market is a priority concern of the Government,” he added.
Indian Rupee Exchange Rate
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