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India watching developments in Europe: Anand Sharma

India is keeping a close watch on the developments in Europe relating to the debt crisis in Greece and some other countries, Commerce and Industry Minister Anand Sharma said today.

business Updated: May 10, 2010 17:28 IST

India is keeping a close watch on the developments in Europe relating to the debt crisis in Greece and some other countries, Commerce and Industry Minister Anand Sharma said on Monday.

"We are keeping a very close watch. So far there has not been any adverse impact, but the situation is being carefully monitored," Sharma told reporters on the sidelines of a Tea Research Association function here.

Earlier in the day, Finance Secretary Ashok Chawla said that India is immune to the crisis in Europe. On the contrary, it may actually help the country bag a 'safer haven for global capital' title.

"As far as India is concerned, the impact on us will be minimal. In fact, in the short run -- that is, purely in the short run -- it might help us in terms of India being regarded as a relatively safer haven," Chawla said at an Assocham function.

Debt-ridden Greece, which was on the brink of a sovereign default, has been given a nearly USD one trillion (750 billion euro) bailout package by Eurozone countries for preventing the contagion from spreading to other nations.

Sharma said the EU is making its own effort to resolve the problem.

"I do not foresee in the immediate context any major impact which would create any alarm or concern here," he said.