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Impending Euro crisis a major worry for India: Montek.
Date: 18-06-2012As G20 leaders meet in the shadow of Euro zone crisis and a faltering global economy, Montek Singh Ahluwalia, Planning Commission’s Deputy Chairman expressed concerns over the impending euro crisis. Eurozone crisis is a concern as it forms a significant share of the global economy and is also India's major trade and investment partner.
Ahluwalia stated that contagion effect of Euro zone debt crisis would further dampen global markets and adversely impact India's own economic growth. Further, it could sow seeds for a second financial crisis in coming four years.
India’s GDP growth declined to 5.3% in Q4 of 2011-12, the lowest in nine years due to poor performance of the manufacturing and farm sectors. Ahluwalia opined that India would be “lucky” if it could attain around 7% expansion rate this fiscal.