India will remain second-fastest growing economy: Chidambaram
New Delhi, Nov 24 2008 India faces a difficult situation because of the global financial crisis and may even witness a slowdown, but its economy was nowhere near a recession, Finance Minister P. Chidambaram said here Monday. “A recession is defined as two successive quarters of contraction of GDP (gross domestic product). I wish to emphasise that India is nowhere near a recession,” Chidambaram told the annual Economic Editor’s Conference. He said the financial crisis that has enveloped the world since 2007 had become worse with many rich nations like Germany, Japan, Britain and the ...




