"Mayaram urged investors to remain calm saying there was no threat of a disruption of oil supply to India due to the Iraq unrest. "
New Delhi, June 14 - Finance Secretary Arvind Mayaram Saturday said there is no need for Indian investors to panic due to unrest in Iraq as the government is watching the situation.

Fears of a full-blown civil war in Iraq led to a sharp jump in crude oil prices putting pressure on currencies and equities markets globally.

The Indian stock market's benchmark Sensex slumped by 348 points or 1.5 percent Friday, the biggest single day loss in four months, while the rupee slumped by 0.9 percent.

Talking to reporters on the sidelines of an event here, Mayaram expressed the hope that the situation would improve in Iraq soon.

There is no reason to panic as far as India is concerned. I don't see any immediate reason for panic, the finance secretary said.

Mayaram urged investors to remain calm saying there was no threat of a disruption of oil supply to India due to the Iraq unrest.

As far as India's long term supply is concerned, we are fairly well established and I don't see any disruptions. There is a need to remain calm and the government is fully watchful, he said.


comments powered by Disqus
Read more on:
 DELHI (98661 views)
 

PERMALINK

http://www.nerve.in/news:2535002381293
You can quote the permanent link above for a direct link to the story. We do not archive or expire our news stories.


STORY OPTIONS
  Email this story to a friend
  XML feed for India


 
COPYRIGHTS INFORMATION
All rights reserved for news content. Reproduction, storage or redistribution of Nerve content and articles in any medium is strictly prohibited.
Contact Nerve Staff for any feedback, corrections and omissions in news stories.
 

All rights reserved for the news content. Reproduction, storage or redistribution of Nerve content and articles in any medium is strictly prohibited.