India nowhere near recession: Chidambara

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Old 16-Dec-2008
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Post India nowhere near recession: Chidambara

New Delhi: India is "nowhere" near recession though it has been impacted by the global economic meltdown, Home Minister P Chidambaram said in Delhi on Tuesday.

"Many countries are facing recession but India is nowhere near recession," Chidambaram, who previously held the finance portfolio, said during question hour in the Rajya Sabha.

"At the same time, we are affected by the slowdown of the economy because of the global meltdown," Chidambaram added, while responding to a question from NK Singh of the Bharatiya Janata Party (BJP) on how India's inflation rate compared with international trends.

Prime Minister Manmohan Singh, who holds the finance portfolio after Chidambaram was shifted to the home ministry following the exit of incumbent Shivraj Patil in the wake of the Mumbai terror attacks, was present in the house at the time.

It had previously been announced that Chidambaram would field questions relating to the finance ministry in Parliament.

According to Chidambaram, "If growth dips over two quarters, then there is inflation".

India, he said, "has been facing inflation since April due to the rising international prices of crude, metals and foodgrains. Now, these prices are inching downward".

The government, Chidambaram maintained, was "trying a balance between growth and controlling inflation" and was "biased in favour of growth. Therefore, the prime minister had announced a (Rs 20,000 crore) stimulus package (earlier this month)".

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