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Tamil Nadu
“Global crisis will affect India only slightly” Indian firms such as Tatas and ONGC doing fine 
Face to face: Union Finance Minister P. Chidambaram interacting with an SHG member at a function at Kandanur in Sivaganga district on Sunday. KANDANUR (SIVAGANGA): The Reserve Bank of India’s latest announcements, including the repo rate cut, are a signal for banks to reduce the interest rate, said Union Finance Minister, P. Chidambaram. The RBI’s second major step after October 24 would not only increase the cash flow but also help mutual funds and Non Banking Financial Companies (NBFCs) in several ways. It would stabilise various financial institutions. Commenting on the RBI’s measures aimed at easing the liquidity crunch here on Sunday, Mr. Chidambaram said the RBI took a host of measures in the last week of October in accordance with the global economic changes. More changesIndicating a few more changes in the near future, he said the government would respond according to the global changes taking place. The policy of allowing foreign direct investment and encouraging the public sector had taken the country’s economy to achieve 9 per cent growth. Stating that the current global economic crisis was a severe one after 1930, he said it had slightly affected the country’s growth. However, the Indian growth would not be less than 7.5 per cent. The government had been taking several steps to boost the growth and was closely monitoring the changes taking place around the globe. Foreign institutional investors had withdrawn their investments owing to the crisis in their country. It happened because of “redemption pressure.” It caused volatility in the share market. However, Indian companies such as Tatas and the ONGC were very strong. The services, agriculture and other sectors remained strong. Fuel pricesAsked about the chances of cut in fuel prices in the background of low price of crude oil, he said oil firms had started earning a profit of Rs.4 a litre on petrol. However, it continued to make losses on sale of kerosene, diesel and domestic LPG. The loss on sale of LPG cylinder was Rs.343. The oil firms had to recuperate from the earlier losses. Asked why the government could not bring down the prices of fuel when the price of aviation turbine fuel was cut, Mr. Chidambaram said the price cut for ATF was small.
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