Indian economy bound to feel pain of raging turmoil 'sooner or later': PM

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NEW DELHI, Oct 27 (PTI): After brainstorming with top world leaders in Beijing on the raging financial turmoil, Prime Minister Manmohan Singh has cautioned that India's economy was also bound to feel the pain "sooner or later" as "we are not in complete control."
"We are not in complete control. There are bigger players and we are victims of that. The crisis is not of our making," Singh said after participating at the 7th Asia-Europe Meeting (ASEM) Summit in Beijing, attended by 45 leaders.
"Well, it all depends on how long it takes the world community to restore confidence to the global financial markets," the economist-turned-politician, whose speeches were listened with rapt attention in Beijing, said.
Sooner or later, "the economy is bound to experience the pain," Singh warned during an interaction with reporters on board his special aircraft while returning home from his two-nation tour of Japan and China.
Tracing the origin of the current global financial crisis, Singh said it emerged in the US and Europe.
Singh said that despite strong corrective measures like injecting more liquidity and capitalising the banking system, he was still "worried."
"The type of integrated world economy we live in we are not immune and I had mentioned in Parliament earlier this week Monday and I repeated that same sentiment in Beijing (while attending the ASEM summit)," Singh said.
However, the Prime Minister said his government has had "a reasonably good term" in office till now.
"We have had a reasonably good term and I would not deny that over the last few months inflation had become a problem. Also, recently because of the global factors, the financial crisis is having some effect on our economy. Therefore, we are obliged to take corrective measures," Singh said.
"To say that I am not worried would not be correct. It is my duty as prime minister to worry when things don't go as planned," he said.
The prime minister was asked whether he was concerned about the economic crisis, months ahead of the general elections.
Asked to comment on the view of the Left parties that India has largely escaped the effects of the global financial turmoil due to their policies, the prime minister said: "I am afraid I don't agree."
"Strengthening India's banking system, strengthening India's insurance system has enabled us to deal with the crisis more effectively," he said. "I beg to differ. But I am not very happy to part company with our Left colleagues."