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Following is the text of Finance Minister P. Chidambaram`s statement here Monday, minutes ahead of the opening bell for stock markets that sent key indices soaring after the gloom last week: This is a time of uncertainty. Yet, even in a time of uncertainty there are some facts that cannot be - and ought not to be - ignored. The Indian economy continues to grow at a satisfactory rate.
As recently as last week, the IMF`s (International Monetary Fund`s) research department noted that "the Indian economy would continue to do well despite the impact of the global liquidity crunch." As per projections made by the IMF, India is expected to post a GDP (gross domestic product) growth of 7.9 percent during the current fiscal year.
The stock market indices are important indicators, but they are not the only indicators of the health of the Indian economy. The ratio of investment to GDP remains high at over 35 per cent at the end of the first quarter of 2008-09. The monsoon has been normal. The Kharif crop (especially rice and cotton) has been good. Farmers are sowing their fields. And the prospects for the Rabi crop are bright. Factories continue to produce goods and the services sector is growing at a brisk rate. Crude oil and commodity prices have declined sharply. This is expected to have a beneficial effect on inflation.
The root cause of the present uncertainty is liquidity and not any dramatic change in the fundamentals of the economy. According to RBI (Reserve Bank of India) figures, as on Sep 26, non-food credit increased, year-on-year, by 24.8 percent. Between April and Sep 26, non-food credit grew by 7.8 percent. Time and demand deposits with banks grew, year-on-year, by 18.8 percent and, between April and Sep 26 by 7.2 per cent. I am happy that depositors continue to repose their confidence in the health of our banking system.
Nevertheless, liquidity was found to be inadequate and, consequently, lenders were unwilling to take risks. Some lenders and investors faced redemption pressures leading to a sale of assets, especially stocks. The markets that are bearing the brunt of the problem are the capital market and the money market and, to an extent, the foreign exchange market. These problems can be overcome if adequate liquidity is infused into the system.
Accordingly, RBI has taken measures that have infused an additional Rs.60,000 crore (Rs.600 billion) into the financial system. The LAF also provides liquidity and, as on Oct 10, Rs.91,500 crore (Rs.915 billion) had been accessed by banks through the LAF window. We believe that these steps should ease the liquidity situation and the flow of credit should become smoother, relieving the pressures that had built up in the last two weeks.
The government, RBI and SEBI (Securities and Exchange Board of India) have been in close consultation with each other during the weekend. I have spoken to the RBI governor and SEBI chairman several times in the last two days. We are coordinating our actions. We are watching the situation carefully and we will respond swiftly according to the needs of the situation. We are working on more measures that will infuse liquidity, make credit intermediation smoother, and increase the confidence of depositors and investors. We hope to be able to announce them shortly. Our banks are ready and willing to provide credit. Suitable advisories are being issued to the banks.
Over the weekend, the US, UK, Euro zone and Australian authorities have announced a number of measures to stabilize the financial system. The Australian capital market and three of the East Asian capital markets have opened on a bright note this morning. I expect that our capital market will also take its cue from these positive developments.
We must remain confident and respond to the situation in a cool and mature manner. We must banish fear. Especially, depositors have nothing to fear because their deposits in banks are safe. Investors must take informed decisions. Before you sell, you must remember that for every seller there is a buyer. You must ask yourself why the buyer is buying in these times of perceived uncertainty and, therefore, ask yourself the further question whether there is a need to act in haste or in panic. In my view, there is no reason at all to act in haste or to give room for panic.
If all the players in the economy remain confident and take informed decisions, I have no doubt that the Indian economy will weather the current storm and emerge stronger.
If necessary, I shall make a further statement later today.
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Somebody bought 153000 shares of ICSA at Rs. 150. The yearly EPS will be Rs. 80. So you are getting at just above 2 PE. What a bargain price!...
In reply to:
ICSA India allots 2650000 equity shares to the Promoter
Posted by :
MMB Messenger
The Board of Directors of ICSA (India) Ltd at their meeting held today have allotted 26,50,000 Equity shares of Rs.2/- each, on exercise of conversion option by the Warrant Holders 
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Yes. Spreading rumours about ICICI Bank is wested interest of some quaters. ...
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At last AVIVA has opened its eyes by opening an Indian CEO...
In reply to:
Aviva India appoints TR Ramachandran as new CEO
Posted by : MMB Messenger
Aviva Life Insurance has approached IRDA for necessary approvals, regarding the appointment of TR Ramachandran, as the CEO for its Indian operations. Mr Ramachandran will succeed Bert Paterson, who has led Aviva India since September 2006
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Aviva Life Insurance has approached IRDA for necessary approvals, regarding the appointment of TR Ramachandran, as the CEO for its Indian operations. Mr Ramachandran will succeed Bert Paterson, who has led Aviva India since September 2006...
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India has demanded an immediate stop to diversion of food crops, particularly corn in the United States, for producing biofuels to check a rise in food prices in the short term-ET...
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We may see the levels of 0.5 to .25 rates in the USA, very bad days for them ahead...
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This is festival month, & festival sale are common these days. THIS YEAR THE stock mkt has also come up with their stall. Selling a rainbow of stocks of all hues & shades , like a Asian paints shade card. The prices are very tempting, & all at 75-80% dicounts to their actual prices .
I woder why the stalls are empty,only a yr back we were buying at any price, & today ,the same is untouchable. Nothing has changed on surface , at retail investor level. It`s a international conspiracy being dramatised only & nothing more.
These are the after affects, after every bull halt, in every country, only this time it has been given a secular global touch, making US Subprime the RAVANA of all, turmoil in the mkts.
The way the anylists are predicting doomsday senario, seems reinventig NOAH`S arch or whatever, to save the human race from extintion.
The matter has been overly exagerated, now. This is all about sentiments, sooner than you realise the sentiments will be restored & sanity will prevail. The only thing is the channel , the press & the govt should stop , putting balm over small bruises , which is creating more doubts, than healing.
Nothing is lost , consider this a god sent buying opportuinity of life time.
Message is in good faith for genuine investors.
thank you
rgds
nodi...k
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no profiling:filing in rank,or rank in the filing.called filling the ranks....
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citzens lucky that they wernt shot like wats seen.a closed family affair.tragedy....
In reply to:
US Meltdown: Jobless Indian-origin man kills family, self
Posted by : sp.palo
thanks for the message shotgun
regards
shakti
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Narendra Modi says he will take care of Nano the way Yashoda took care of KRSNA.
But Krsna ate mud and Yashoda exasperated wanted to nab Him and asked him to open his mouth and what did she see,
She saw the whole universe in his mouth, and then the Village of Gokul and in it she saw herself asking Him to open His mouth. LOL... she wondered if it was some hallucination and immediately forgot he was God... BET Nano wont be such fun....
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The Board of Directors of ICSA (India) Ltd at their meeting held today have allotted 26,50,000 Equity shares of Rs.2/- each, on exercise of conversion option by the Warrant Holders...
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Smoking on the road is not bothersome to the non-smokers! Thas a first!.. The millions of tax payers money that he intends to save by not having to treat dying smokers anyways goes down the drain anyway.. how effective is our primary health care system can be extrapolated by one visit to our best sarkari hospitals..! they can barely take care of a fracture forget about lung cancer.. all the money just vanishes... almost 2/3rd of our population stays in hinterlands where no one dare say anything to smokers lest we read about another dozen deaths due to rioting which stemmed from an over zealous smoke ban-ner!.. we have more pressing issues to tackle than secondhand smoke!.. numbers are a mirage... another controversy has been started and the govt has managed to screw with our beguile minds into this... suddenly every tv show has a program on this and every paper is carrying full page articles... how about banishing explosions from public places mr. minister!! ...
In reply to:
Anti-smoking laws do not make sense: Experts
Posted by : MMB Messenger
With the government’s new law of banning smoking in public having taken effect, does it make any sense?
Karan Thapar discusses the effectiveness of the law and its pros and cons with Monica Arora, Director of Hriday, an anti-smoking NGO; and Chandan Mitra, Editor-in-Chief of the Pioneer.
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buffet investment in patriotic twisting or wrenching.hot investment.
...
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