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Don’t panic, economy is strong: PM
New Delhi, January 23, 2008
Stepping in to calm down investor fears over the stock
market’s crash, PM Manmohan Singh on Monday said that the
Indian economy was strong and that such fluctuations were due
to international uncertainties.
Speaking at a press conference here on the last day of UK
PM Gordon Brown’s visit, Manmohan Singh brushed aside
investors’ fear and asked them to shed panic.
“Don’t heed rumours. Invest with caution. Take informed
decisions,” went his curt advice to investors at large. He
insisted that the fundamentals of the Indian economy were
strong and that such fluctuations were not new.
“Orderly growth of capital markets is the priority of
government,” the PM added. He said that the markets would
correct itself.
Monday was a day of bloodbath at the Indian stock market as
the benchmark index, the Bombay Stock Exchange’s Sensex closed
over 1,400 points down – its biggest ever absolute fall in a
single day.
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