Fundamentals of Indian economy are strong: Tewari

The fundamentals of the Indian economy are "completely sound" and the recent upheaval in the stock markets and slide in the rupee-value were due to the choppiness in the global economy, Information and Broadcasting Minister Manish Tewari said Monday.

"The foundation of our economy is completely safe and sound, and keeping that in mind whatever people do in the stock markets they should keep in mind," Tewari, who was earlier Congress spokesperson, told reporters on the sidelines of an event here.

"The fundamentals of our economy are strong and will continue to be strong," he added.

Last week, the partially-convertible Indian rupee slumped to a record low of Rs.62.45 against a dollar at the inter-bank foreign exchange market here, surpassing its previous record low of 62.03 hit on Aug 16. The stocks too tanked by over 700 points, causing further worry.

To a question on "hate campaign" against India in the Pakistani media, Tewari said: "If the Pakistani TV is indulging in activity that is detrimental to people-to-people relationship with India, then there is strong need for them to introspect."

"But similarly, I see a tendency on our side also," Tewari said, referring to exhibited belligerence on television talk shows.

"I think there is need for moderation on all sides and allowing governments to go ahead with the business of statecraft and see how the best interest of the country, and especially its sovereignty, are protected," he said.