Sub-prime crisis to have moderate impact on India

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New Delhi, Mar 17 (UNI) The impact of the sub-prime crisis, looming over the United States, is bound to have 'moderate impact' on India, Finance Minister P Chidambaram told the Rajya Sabha today.

Winding up the budget discussion, the Finance Minister said though India was insulated from the the sub-prime crisis to some extent, it was not decoupled from the world economy and therefore it would have 'secondary level' impact on India.

He said the Indian stock markets were affected by the happenings in the United States and in Hong Kong and Shanghai in Asia. The ICICI, India's largest private sector bank, had already suffered huge losses because of exposure to the US housing loan markets.

UNI MCN RR RAI1501

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