MPs worried over crash in share prices
Members of Parliament today asked the government to spell out measures being taken to mitigate the impact of the crash in the global share markets on the Indian economy and investors.
August 05, 2011 / 14:38 IST
Members of Parliament today asked the government to spell out measures being taken to mitigate the impact of the crash in the global share markets on the Indian economy and investors.
S S Ahluwalia (BJP) and N K Singh (JD-U) raised the matter in the Rajya Sabha and expressed concerns over the possible impact of the sharp fall in the global stock markets in India. Raising the issue during Zero Hour, Ahluwalia said, "Development in India is a matter of concern...government should come forward with a statement as to how to tackle the situation. RBI should take measures and control the market."Singh, a former bureaucrat, said, "The contagious effect of the growing US crisis will have far-reaching implications. Government must come up with a comprehensive statement how to mitigate the situation."Ramdas Agarwal (BJP) said the situation was "alarming".As investors are worried over the US debt crisis, Dow Jones fell yesterday by over 500 points sending jitters across markets all over the world.The benchmark Bombay Sensex has fallen sharply and was trading about 530 points lower at about 2 pm. An estimated Rs 2,50,000 crore was wiped off from the total investors' wealth in the Indian market in the morning when the market dropped by over 700 points. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
