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Thursday, August 11, 2011

U.S. DEBT CRISIS: Could impact IT industry: Pranab!


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PTI / The Hindu / NEW DELHI, August 11, 2011.

Television grab of Finance Minister Pranab Mukherjee speaking in Rajya Sabha in New Delhi on Thursday.
Television grab of Finance Minister Pranab Mukherjee speaking in Rajya Sabha in New Delhi on Thursday - PTI.

Finance Minster Pranab Mukherjee on Thursday said he could make a statement on the issue in the current session of Parliament on the impact of the U.S. downgrade on Indian economy

Stressing that there was no need to press panic button, the Minister said the downgrade of sovereign ratings could have an impact on the domestic IT industry.

“...I am worried (but) there is no need to press panic button. If required, I would like to make a statement (in the current session),” Mr. Mukherjee said while winding up the debate on the first batch of supplementary demands for grants in the Rajya Sabha.

The Upper House later returned the bills that sought to raise the government expenditure by an additional Rs 34,724 crore. The net cash outgo will be about Rs 9,016 crore, while the remaining amount will be matched by savings elsewhere.

The downgrade of the U.S. sovereign rating to AA+ from AAA by Standard and Poor’s has aggravated the global financial problems being faced by American and the Eurozone countries.


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