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Indian economy fundamentals are quite strong
But investors should take informed decisions, says government

On 21st January 2008 the BSE Sensex fall of 1408.35 points or 7.41% and the NSE Nifty drop of 496.5 points or 8.7% has created panic conditions in the market.

Indian finance ministry in a press release reiterated that the fundamentals in the domestic economy are quite strong. Stock market fall reflects the continuing uncertainties in the global economy and not any change in the fundamentals of the Indian economy. However it cautions, Investors to take informed and responsible decisions in the situation and not be led by market rumours or any unwarranted apprehensions.

As regards domestic economic conditions, the just released Review of the Economy 2007-08 by the Economic Advisory Council of the Prime Minister has estimated the rate of growth of the GDP in 2007-08 at 8.9%. Corporate profits as reflected in the third quarter 2007-08 results continue to be buoyant. Direct tax revenues have shown an increase of 42.8% this financial year (April to December, 2007). Banks have reported that investments in the pipeline are robust and credit demand is high.

It is important to note that most of Asia opened the year 2008 on a weak note with heavy selling pressure seen in most markets. Comparing the major Asian market indices as on 2nd January, 2008 with their closing today, one can observe that the Straits Times has fallen by 14.75%, Hang Sang by 13.58% and the Nikkei is down by 9.29%. The corresponding figure for BSE Sensex is 13.97%.

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