India feeling ripple effects of global financial crisis: FinMin

Finance Minister P Chidambaram today said India is feeling the ripple effects of global financial crisis though it may not have directly affected the country.     

"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.