India Dodges Financial Crisis
Nitish Sengupta, The Times of India | September 26, 2008
The impact of the current financial crisis on India will be minimal. ++ Indian institutions, such as ICICI Bank, have relatively little exposure to Wall Street, and due to a good regulatory system, should escape fairly unscathed. ++ However, Tata AIG will admittedly have trouble ahead. ++ Finance Minister Chidambaram has already guaranteed that "firms will have the necessary funds to absorb losses." ++ Perhaps the most notable setback will be a delay of India's introduction of long-term capital convertibility.
