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India better placed to weather world economic storm: FM

India better placed to weather world economic storm: FM
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First Published: Mon, Aug 08 2011. 02 14 PM IST
Updated: Mon, Aug 08 2011. 02 14 PM IST
New Delhi: India is in a better position than other countries to manage the impact of an uncertain global economic situation following the developments in the United States and the euro zone, the finance minister said on Monday.
Pranab Mukherjee said India’s fundamentals were strong and the growth story remained intact.
His comments helped the main stock index pare losses to 0.7% after sliding more than 3% in early trade.
Shares across Asia fell sharply despite efforts by global policymakers to stem a collapse in investor confidence after S&P downgraded US credit rating from AAA to AA+ last week.
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First Published: Mon, Aug 08 2011. 02 14 PM IST