India is nowhere near recession, says Chidambram
16 Dec 2008, 2146 Hrs

While addressing the members of Rajya Sabha, he said that India is only affected by global growth

Add comment          Mail          Print          Write to Editor

New Delhi, Dec. 16 Former Minister P Chidambaram said here on Tuesday India is nowhere near recession

While addressing the members of Rajya Sabha, he said that India is only affected by global growth.

He said, "The world economy in many countries are indeed already in recession or facing recession India is no where near recession we are affected by the slowdown in global growth."

Chidambaram further added that very sharp rise in international commodity prices especially crude and metals caused the upward trend in inflation that was witnessed since the month of April.

Chidambram added, "This upward trend in inflation that we witnessed since the month of April was caused by very sharp rise in international commodity prices especially crude and metals. Food prices have also increased. Today the trend is all these prices are inching downwards. There is a trending downward of crude oil prices commodity prices and in case of most food products that is reflected in the prices in India.".

Chidambaram, who was formerly finance minister, was answering a question on behalf of Prime Minister Manmohan Singh, who now holds the finance portfolio.(ANI)

Related Latest

National identity cards to be issued to all citizens: Chidambaram Mumbai terror attack charge-sheet to be filed soon: Chidambaram Chidambaram asks Army, NSG chief to set-up regional NSG hub's on time India must prepare for temporary economy slowdown: Chidambaram Chidambaram meets PSU bank head to review liquidity situation India calls for price band to curb global oil crisis Financial Bill passed: Chidambaram gives assurances on controlling inflation Farm loan waiver was needed to curb inflation: P Chidambaram

Related Latest

What kind of China at PM's banquet? Security beefed-up in Mumbai ahead of 26/11 anniversary Test match against India starts from scratch, says Sangkkara Sonia Gandhi assures support to wives of Hemant Karkare, Vijay Salaskar Indian sub-continent is prone to nuclear war: Army Chief Chhattisgarh man, a snake venom junkie Centre to set up six Spice Parks Widows of 26/11 martyrs meet Sonia 'Pigeon' McGrath still as miserly and deadly as in his hey-day India -ASEAN free trade agreement to come into force in January 2010

• What kind of China at PM's banquet?
• Security beefed-up in Mumbai ahead of 26/11 anniversary
• Test match against India starts from scratch, says Sangkkara
• Sonia Gandhi assures support to wives of Hemant Karkare, Vijay Salaskar
• Indian sub-continent is prone to nuclear war: Army Chief

• भारतीय क्रिकेट की मजबूत दीवार
• कंगारूओं के आगे ढेर, चीतों से कैसे मुकाबला करेंगें शेर
• Reducing greenhouse gases may not be enough to slow global warming
• बीकानेर महापौर चुनावः एक विश्लेषण
• Deepawali: The Festival Of Lights