India not in position to tackle another 2008: Sharma
30 Jan 2012
India and other G20 countries possessed little fiscal headroom to tackle another global crisis of the magnitude that happened in 2008, according to commerce and industry minister Anand Sharma.
He said the situation was much more comfortable in April 2009 than it was now, and government would find it difficult to provide the kind of stimulus packages it was able to offer then, he told the media after meetings with world trade leaders and IMF chief Christine Lagarde.
He added the government was keeping a close eye on capital flows and the situation in the Euro zone.
Assuring international investors at Davos that the Indian government had not rolled back its decision to allow 100-per cent FDI in multi-brand retail, he said, the government was building consensus with various stakeholders. He refused to offer a time frame, though.
Sharma said that he'd had a series of meetings with representatives of top global retail brands and as they lived in democracies they understood the process well.
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