Finance Secretary Ashok Chawla today said that India is immune to the debt crisis in Greece, and it may actually help the country bag the safer haven for global capital tag. Mr. Chawla told reporters on the sidelines of a Assocham function in New Delhi that though the Greece crisis could cause some hiccups in the Euro zone, it would not have a major impact on the international financial community.The European Union and the International Monetary Fund had, earlier today, agreed on a euro 750-billion bailout package for troubled Euro zone countries.The Finance Secretary said, India was immune when there was a much larger international financial crisis. The Greece crisis is much smaller in scale and magnitude to what the world has seen in the last one-and-a-half years.Speaking on inflation, which touched 9.90 per cent in March, he admitted that price rise has been spreading to non-food items for some time now. However, he maintained that the government is aware of the situation, and has taken a number of administrative and policy steps to rein in the problem.Though he acknowledged that the money expected to come through the 3G auction looks very very impressive, he said that this would not have any impact on the government's borrowing plans at this point of time.On day 23 of the 3G auction, the government's revenue crossed the 45,000-crore rupee mark, even as the pan-India bid for radio waves rose to 11,327 crore rupees.
News On AIR | May 10, 2010 5:30 PM
India immune to debt crisis in Greece: Chawla