India to feel the pain ‘sooner or later’: PM

>> Monday, October 27, 2008

After brainstorming with top world leaders in Beijing on the raging financial turmoil, Prime Minister Manmohan Singh has cautioned that India's economy was also bound to feel the pain ‘sooner or later’ as "we are not in complete control."

"We are not in complete control. There are bigger players and we are victims of that. The crisis is not of our making," Singh said after participating at the 7th Asia-Europe Meeting (ASEM) Summit in Beijing, attended by 45 leaders.

"Well, it all depends on how long it takes the world community to restore confidence to the global financial markets," the economist-turned-politician, whose speeches were listened with rapt attention in Beijing, said.

Sooner or later, "the economy is bound to experience the pain," Singh warned during an interaction with reporters on board his special aircraft while returning home from his two-nation tour of Japan and China.

Tracing the origin of the current global financial crisis, Singh said it emerged in the US and Europe.

Singh said that despite strong corrective measures like injecting more liquidity and capitalising the banking system, he was still "worried."

"The type of integrated world economy we live in we are not immune and I had mentioned in Parliament earlier this week on Monday and I repeated that same sentiment in Beijing (while attending the ASEM summit)," Singh said.

However, the Prime Minister said his Government has had "a reasonably good term" in office till now.

Source: - Financial Express.

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