due to panic fall in asian market and little weakness in American market our market has given a panic fall on 23/05/2013
but this fall has no links with our economic condition. it was due to global news influence. just see what Mr. chidambaram assuring Indian investors.
“…There is no need for any kind of nervousness. I am looking forward to June and the second quarter with much greater confidence. I think the Indian market should read the situation correctly rather than being influenced by something which is happening elsewhere”, he said.
The BSE Sensex slipped by 365 points to 19,697.44 points during the intra-day trade. The markets later recovered.
“We have been looking at what is happening in the market. We think that Bernanke’s statement has been misunderstood or misinterpreted.
“If we read the statement carefully, he has clearly indicated that he will continue with quantitative easing in the foreseeable future at about $85 billion a month or so”, Chidambaram said.
The Minister further said that quantitative easing is continuing in Japan and Europe and there have been no change whatsoever and the flows into India during May have been extremely copious.
Chidambaram said the economic situation in India has been improving with decline in wholesale and retail inflation.
“…Agriculture and labour-based inflation have come down, core inflation has come down, WPI headline inflation is below 5%, CPI based inflation is coming down, inflows are copious and someone from the media told me that he is seeing more advertisement revenues in the last two weeks”, the Minister said.