No need to worry on West's fall, eco growing at 8.9%: FM

Union finance minister P Chidambaram said the economy is expected to grow 8.5% next year and 8.9% this year. So there is "no reason to allow the worries of western world to ovewhelm us, our economy is very strong," he reassured, adding that liquidity is not an issue.

Speaking about the drastic fall, the finance minister said "the fall does not impact long term markets" and "fundamentals are sound."

His advice to investors at this point of time is to stay calm.

He assured that corporate profits are high and corporate tax is at all-time high too. He doesn't feel the need to advise domestic institutions on any action, as the institutions are best judges of market valuation. "The crash does not impact long-term sentiment", he said and thar "enough liquidity will be provided".

The FM has ruled out the possibility of any foul-play.

Source: Moneycontrol.com