US financial turmoil not to have much impact on India: PMEAC
India Prime Minister’s financial panel today said US economic turmoil that will be not have a great deal crash on India if not there is mess up in domestic market. Indian financial system is mainly domestic demand-driven, although not totally insulated from US economic crisis, Prime Minister’s financial Advisory Council Chairman Suresh Tendulkar said at a seminar here. “Domestic factors seem to be much more prominent than the international factors,” he said. But for there is a large mess up in familial market, US economic crisis that would not have a great deal impact, Tendulkar said. “Given the sort of integration taking place in the Indian economy with the global economy, we cannot be impervious to it.” In 2008-09, Tendulkar said, GDP development would be extra or fewer in line with probability. “It is next two fiscal that we need to worry about.” The panel that will be look at GDP estimate in January, he said.
The PMEAC in its new report probable Indian financial system to raise at a 7.7 per cent rate for present fiscal, down from 9 per cent record during preceding year. The financial system clocked a 7.9 per cent growth rate in primary neighborhood of this fiscal. Prime Minister Manmohan Singh had a gathering with Cabinet colleagues in the light of the evolving global situation.
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