Thursday, October 9, 2008

World Financial Crisis: India's Hurting, Too

Despite reassuring words from India's Finance Minister, the country is clearly feeling the shock waves of the global crisis.

It's been one action-packed week in India.

The Bombay Stock Exchange Index, or Sensex, tumbled 6% to a two-year low.

For the first time in five years, the central bank cut the cash reserve ratio—the amount of funds that banks have to keep with the Reserve Bank of India—by 50 basis points, to 8.5%, on Oct. 6.

The same evening, the Securities & Exchange Commission of India eased some restrictions on foreign portfolio investors—such as registering in India before buying shares and limits on offshore derivatives—it had imposed in 2007.

And finance minister Palaniappan Chidambaram made yet another television appearance that day to say that India was safe from the global turmoil, and "the only fear is fear itself."

read more | digg story

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