India nowhere near recession:
Delhi, Dec 16 (IANS) India is "nowhere" near recession
though it has been impacted by the global economic meltdown,
Home Minister P. Chidambaram said here Tuesday.
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.
the same time, we are affected by the slowdown of the economy
because of tbe global meltdown," Chidambaram added, while
responding to a question from N.K. Singh of the Bharatiya
Janata Party (BJP) on how India's inflation rate compared
with international trends.
Minister Manmohan Singh, who holds the finance portfolio after
Chidambaram was shifted to the home ministry following the
sacking 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.
to Chidambaram, "if growth dips over two quarters, then
there is inflation".
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".
government, Chidambaram maintained, was "trying a balance
between growth and controlling inflation" and was "biased
in favour of growth.
the prime minister had announced a (Rs.20,000 crore) stimulus
package (earlier this month)".
to N.K. Singh's supplementary on the steps the Reserve Bank
of India (RBI) had taken in view of the continuing depreciation
of the rupee, Chidambaram said: "This is something that
is controlled by market forces. The RBI intervenes when there
is excessive volatility. The rupee is now appreciating."