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Euro crisis: govt,regulators prepare back-up plan

Government,along with major financial regulators like Reserve Bank of India and Sebi,is working on a contingency plan to insulate Indian economy from the worsening euro zone crisis,RBI Deputy Governor KC Chakrabarty said

Government,along with major financial regulators like Reserve Bank of India and Sebi,is working on a contingency plan to insulate Indian economy from the worsening euro zone crisis,RBI Deputy Governor KC Chakrabarty said today.

“Contingency measures are there… Measures are being worked out. For that,a separate committee is working,” he said after a meeting of the sub-committee of Financial Stability Development Council (FSDC),chaired by RBI Governor D Subbarao,here.

FSDC is the high-level body for co-ordination among regulators and is headed by Finance Minister Pranab Mukherjee,while its sub-committee is chaired by the RBI Governor.

“We have discussed all global developments,the euro zone was discussed. If it (the deepening of euro zone crisis) happens,you have to face it,” Chakrabarty said.

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He said the sub-committee also reviewed the recent global developments,specifically in the euro zone and the US,and their consequences on the Indian economy. It also discussed concerns on growth,persistent inflationary pressures,growing fiscal and current account deficits and negative market perceptions.

First published on: 15-06-2012 at 01:14:31 am
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