New Delhi, May 24 (IANS) India does not depend on short-term borrowings from the US and if the US withdraws its stimulus packages, it will not impact capital inflows in India, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Friday.
“I think if they (US) do that…I don’t think that the expected changes in quantitative easing (QE) will make a difference to the kind of inflows that we are talking about,” he said, responding to requests for comments on US Federal Reserve chairman Ben Bernanke’s recent statement about the possibility of withdrawing the stimulus package, keeping in view the improving economic conditions.
The comment made the global market nervous, and following this announcement, most of the Asian bourses tanked while Sensex took a nosedive by 390 points.
Regarding the impact of Bernanke’s decision on India, Ahluwalia said: “I am not sure that is so important for us because we don’t encourage short-term borrowings anyway.”
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