23 Nov : The Planning Commission has said India will get away lightly with the global financial meltdown which has pushed the economies of the developed world into a recession.
In its recent analysis on the impact of global financial crisis on India, the Commission pointed out that India is not immune from the happenings in the international arena and if there is a decline in the capital inflow, as a result of the foreign investors’ need for liquidity, the stock markets will get affected.
The domestic investors might also face difficulties in raising capital which may hurt the domestic growth. Similarly, exports will be hit on account of slowing down of international economy.
But as per the Planning Commission, the growth rate of the Indian economy for 2008-09 will continue to be one of the highest in the world.It noted that the growth rate realised in the agriculture sector is also greater than the target set for the Eleventh Plan.
The Commission said, the growth rate realised in the industry and the services sector are high and match the expectations of a fast expanding economy.