Global crisis can slice India's growth by 1 pc;Kamal Nath

New Delhi, Nov 17 (UNI) Even while stating that global financial crisis will have lesser impact on India's growth driven largely by domestic demand, Commerce and Industry Minister Kamal Nath today said it, however, could still take away one percentage, reducing it to 7 to 7.5 per cent this year.

The global meltdown is a challange but also provides an opportunity to architect a new global financial system, he said during an interaction with Czech Trade Minister Martin Riman.

He called for developing diversified economic relations with Czech republic, saying it could take boost bilateral trade which had already crossed the one billion dollar mark.

He said the government has taken a slew of measures to ease credit flows, leading to slackening of interest rates.

The government is also taking steps to making fresh investments in infrastructure sectors, reducing inflation, rejuvenating market sentiments, boosting investor confidence and supporting export oriented industries, he added.

UNI SAA AK ND1740