New Delhi: The Government is watching the global financial crisis closely and will react swiftly to the needs of the market and steps would be taken to pump in cash if required, said Finance Minister P Chidambaram on Wednesday.
"We wish to assure the people of India that the Indian economy has the capacity and the resilience to weather the storm that is blowing across the world," Chidambaram said after a meeting of the Union cabinet to review the economic situation.
"We have enough instruments to ensure the stability of the Indian financial system and we will continue to provide credit and other support for the growth of the Indian economy," he said reading out a two-page statement adopted in the Cabinet meeting.
Underlining that the fundamentals of Indian economy are strong, he said: "In the first quarter of 2008-09, the growth of GDP was 7.9 per cent. On current trends, we expect that the growth rate for the whole year will be close to eight per cent.
"There are many indicators which underline the sound fundamentals of the Indian economy. For example, during April-August, 2008, exports have increased, in dollar terms, by 35.1 per cent and imports have increased, in dollar terms, by 37.7 per cent.
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