Euro break-up to hit us in face: Kaushik Basu
Chief economic adviser Kaushik Basu has cautioned that if the Eurozone breaks up finally, it will impact India in the face as the country is unlikely to have the strength to overcome a crisis of that magnitude. Basu's warning comes at a time when the Indian economy has slowed and business confidence is down. The government has blamed the Eurozone debt crisis as one of the reasons behind the slowdown in the domestic economy, while exports to Europe too have moderated. Growth has slowed to a 9-year low of 5.3% in the January-March quarter, prompting calls for urgent action to revive growth.
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