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Indian economy will undergo pain, sooner or later |
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By: Agencies |
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Date:
2008-10-27 |
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Place: Beijing |
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Tum itna jo musukura rahe ho: PM Manmohan Singh with Chinese President Hu Jintao during their meeting at the Great Hall of the People in Beijing on Saturday. pic/AP | After discussing the financial crisis with world leaders in Beijing, Prime Minister Manmohan Singh declared early yesterday that India's economy was bound to feel the pain "sooner or later".
Global impact
"Well, it all depends on how long it takes the world community to restore confidence in the global financial markets. We are not in complete control. There are bigger players and we are victims of that. The crisis is not of our making," Singh told reporters as he flew home after meeting leaders from Asia and Europe in the Chinese capital.
He added grimly, "Sooner or later, the economy is bound to experience the pain."
Singh admitted that despite corrective measures undertaken to cushion the impact of the global financial storm such as injecting more liquidity and capitalising the banking system, he was still "worried".
"To say that I am not worried would not be correct. It is my duty as prime minister to worry when things don't
go as planned. I cannot say it (economy) has bottomed out. I really don't know," said Singh.
Untimely crisis
The crisis could not have come at a worse time for Singh's Congress-led government, which faces crucial state polls from November and national elections early next year. |
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