NEW DELHI - Prime Minister Manmohan Singh said on Monday India must brace for slower economic growth because of the global market turmoil, but the country's banks were safe and there was no need to fear any collapse.
He said some estimates projected GDP growth to decelerate to 7.5 percent in the current fiscal year to March, with the most pessimistic estimate at 7 percent -- lower than government projections of 8 percent versus 9 percent rise in 2007/08.
"We must be prepared for a temporary slowdown in the Indian economy," Singh said, adding that the global market turmoil would have an indirect impact on the economy.
"The precise impact is difficult to estimate at this point since the depth and duration of the global slowdown remains uncertain."
Mon Oct 20, 2008 8:21pm IST
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