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Economy and Politics

Amid a fall in the stock markets in the wake of economic problems in the US, Finance Minister Pranab Mukherjee on Monday said India's fundamentals are strong and the government is ready to address any concern that may arise, while admitting there could be some impact.

 
 
In the April-June period of the current financial year, FDI went up massively to $13.44 billion from $5.77 billion in the corresponding period last year.
Ahluwalia also said he did not consider the fall of about 2 per cent or so in Asian markets, including India this morning, as severe.
Finance Minister Pranab Mukherjee says the downgrading of the US government by credit rating agency has to be analysed.
"Our view is that our fundamentals are very strong and our markets will be able to overcome this panic reaction," Economic Affairs Secretary R Gopalan said.
Dealers said dollar strength against the euro and a lower opening in the stock markets mainly put pressure on the rupee, which slumped to a five-week low.
After dropping to a 20-month low in mid-July, food inflation inched up for the week ended July 23 on expensive onion, fruits and milk.
 
 
The Indian currency resumed lower at Rs 44.90/91 per dollar on the Interbank Foreign Exchange, against last weekend's close, and dropped further to Rs 45.10 per dollar.
"I believe that there is no new normal to inflation. We can bring it down to 5 per cent, and then further down to 4-4.5 per cent in the medium term," Subbarao said.
At the Interbank Foreign Exchange (Forex) market, the local currency opened a tad higher at 44.30/31 a dollar from Wednesday's close of 44.31/32.
Demand for dollar weakend the Indian Rupee by 4 paise to trade at Rs 44.35 against the US currency.
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