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No fear of economic recession, says PC

business Updated: Dec 17, 2008 01:41 IST
HT Correspondent

There is no fear of an economic recession in India and the prices are showing a downward trend in all major commodities, the government said on Tuesday.

“Many countries are indeed already in recession or facing recession. India is nowhere near a recession, though we are affected by the slow down in global growth,” Union Home Minister P. Chidambaram said in reply to a question from N. K. Singh in Rajya Sabha.

Singh wanted to know whether the government was contemplating to sustain the growth momentum in the light of a global meltdown.

Chidambaram said the overall trend in prices showed that they were coming down.

“There is a downward trend in crude prices and commodity prices, and in case of most of the food products,” he said.

In response to another query from Singh that how would the government control the continuing depreciation of the rupee, Chidambaram replied the Reserve Bank of India would intervene at an appropriate time. “I can assure the House that the RBI will intervene when appropriate to reduce the volatility in the movement of exchange rate,” he said.