"Credit crunch that the world faces has also impacted us. We have taken a series of measures to infuse greater liquidity and to restart the process of credit," he said at a function to mark 50 years of Indo-German Bilateral Development Cooperation.
Chidambaram said the country has good regulations and regulators. "We are moving at a calibrated pace. Our banking system is very strong and our banks are well capitalised and well regulated," he added.
He reiterated that economy would grow by close to 8 per cent in 2008-09 despite the global slowdown.
Most pessimistic estimates have placed the growth rate at not less than seven per cent, he said. "But I am confident that the economy will grow between 7 and 8 per cent," he said.Global meltdown: Complete coverage