Appropriate measures in place over financial crisis: Mukherjee

India on Saturday said it was too early to figure out what would be the "adverse impact" of the US financial turmoil on its economy, but
insisted that it had already put in place "appropriate measures" addressing the crisis.

"We are fully aware of the developments that have taken place and presently the Cabinet in its meeting has addressed the issue. As the global economics are closely linked, it might have impact on every economy," External Affairs Minister Pranab Mukherjee told a press conference here.

Keeping in view these developments, "appropriate measures" have already been taken by the Reserve Bank of India and SEBI, he said, adding that even Finance Minister P Chidambaram issued a statement outlining measures which have been taken.

Asked about the lessons of the financial crisis to India, he said "this is an event for which we have to respond in an appropriate manner."

"If you have noticed, the economic policies of India have undergone changes with the changing world situation and keeping pace with it. It is not static and it has an inherent dynamism in it," said Mukherjee, who was here to ink the historic 123 Agreement to operationalise Indo-US nuclear deal.

Noting that India-US economic relations were expanding very fast, the minister said that America "as an individual country is the single largest trading partner... we have the largest number of technical collaboration with US companies.

"Keeping that in view we have to make a hard assessment of what adverse impact, if at all, would have of this development," he said, adding "it is too early to make any comment on it

Source: EconomicTimes