The top finance ministers of the world will hold an emergency meeting in about 48 hours time to plan out measures to stop the financial tsunami. The unprecedented coordinated global action has set the tone this meeting in Washington .. Twenty Finance Ministers including P Chidambaram will be meet the World Bank President. The big question is whether things will get as bad in India as they are in the West?
The President of the World Bank, Robert Zoellick, however, opines that there will be some slowdown in India but India will be in a position to weather the storm.The festival of Dushera gave the Indian markets and authorities a breather on Oct 9. But over the next day or two, if the markets resume their fall India may do what other top economies have done i.e. cut interest rates.
On Oct 9 three more top economies namely, Hong Kong, Japan and South Korea cut interest rates by up to half a percent. But the Asian markets still did not respond positively. Most of them closed about a per cent- a percent and a half down. The Federal Reserve, acting in coordination with other global central banks, cut a key US interest rate by half a percentage point on Wednesday to steady a teetering global economy. India has yet has not been a part of the unprecedented joint global action. Almost ten countries, the US and China included have slashed interest rates. It''s a move aimed to provide more money in the economies and to calm fears of the investors, depositors and businesses.
The President of the World Bank, Robert Zoellick, however, opines that there will be some slowdown in India but India will be in a position to weather the storm.The festival of Dushera gave the Indian markets and authorities a breather on Oct 9. But over the next day or two, if the markets resume their fall India may do what other top economies have done i.e. cut interest rates.
On Oct 9 three more top economies namely, Hong Kong, Japan and South Korea cut interest rates by up to half a percent. But the Asian markets still did not respond positively. Most of them closed about a per cent- a percent and a half down. The Federal Reserve, acting in coordination with other global central banks, cut a key US interest rate by half a percentage point on Wednesday to steady a teetering global economy. India has yet has not been a part of the unprecedented joint global action. Almost ten countries, the US and China included have slashed interest rates. It''s a move aimed to provide more money in the economies and to calm fears of the investors, depositors and businesses.
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