Sensex headed below 5000 in the next six months - Finance Minister Chidambaram still upbeat
Sonia Chopra
Oct. 11, 2008

Indian Finance Ministry is still upbeat after the country’s stock market lost more than 60% of its value in less than nine months. It is the steepest and ugliest stock market crash ever witnessed.

Interestingly, the academic Finance Minister Chidambaram is quite upbeat and worry free.

Finance Minister P Chidambaram today expressed confidence that India can weather the storm of financial crisis blowing across the world saying the country's economic fundamentals and the banking system were strong.

Is he following US Treasury Secretary Paulson’s words? Didn’t Paulson say the same some six months back?

He admitted there is a liquidity crunch in the market and that the economy was facing 'spill over and ripple'' effects of the global storm but held out an assurance that the "RBI is ready to take further steps and infuse more liquidity if necessary".

Referring to the current global meltdown, Chidambaram said, "there is a storm blowing in the world. We did not create the storm. We are facing the spillover effects or the ripple effects of the storm.”

The UPA leaders including Chidambaram did not create the storm but they aided the greedy Bush Administration agenda in collapsing the world financial systems.

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