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No impact on India, but stay alert: PM

Source: PTI
Last updated on: September 19, 2008 13:14 IST
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Prime Minister Manmohan Singh on Friday asked cabinet ministers to stay alert on the global financial situation even as he exuded confidence that there is no impact of the turmoil on the Indian economy.

"The prime minister asked the ministers to stay alert on the global financial situation," Rural Development Minister Raghuvansh Prasad Singh told reporters after a meeting of the Cabinet Committee on Economic Affairs.

Finance Minister P Chidambaram briefed the meeting and said that there is no impact of the American financial turmoil on the Indian economy, Singh said.

Chidambaram had on Thursday said that Indian banks are largely insulated from the US financial crisis which led to the collapse of investment banker Lehman Brothers and sellout of Merrill Lynch to the Bank of America.

The shakeup also led to a bail-out of American International Group (AIG), the world's largest insurer, by the US Federal Reserve.

The finance minister had said the Indian economy would continue to pursue reforms to retain near 8 per cent economic growth momentum.

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