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Mr P. Chidambaram

Our Bureau

New Delhi, March 17 The Union Finance Minister, Mr P Chidambaram, on Monday said that the US sub-prime mortgage crisis has impacted India in a moderate way.

“Our assessment is that impact on India is second order impact and a moderate impact,” Mr Chidambaram told the Rajya Sabha while replying to the Budget debate. He noted that none of the state-run banks had any direct exposure to the sub-prime mortgage market.

Mr Chidambaram also said that Indian stock market seems to be taking its cues from what is happening in the markets in the US and Asia. Hong Kong, Shanghai and Tokyo markets open before India and so their impact is felt in the Indian market.

Meanwhile, on inflation, the Finance Minister said the Government would take every possible step to contain inflation. Noting that the Government was facing tremendous pressure in battling inflation, Mr Chidambaram said that the relentless increase in commodities and food prices was driving inflation.

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