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India does not face recession:
Finance minister
New
Delhi, Nov 24 (IANS) Finance Minister P. Chidambaram Monday
said India does not face recession despite the financial meltdown
globally.
"India
is nowhere near recession," Chidambaram said at the annual
Economic Editors' Conference here.
"Recession
means two successive quarters of contraction. We are nowhere
near recession," he said.
"There
will be a slowdown, but we will remain the second fastest
growing economy in the world," the finance minister added.
"Brace
for slowdown in growth," Chidambaram said, but sounded
a word of optimism saying India would return to the growth
trajectory of 9 percent once the financial conditions stabilised.
Indo-Asian
News Service
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