Amidst chaos in the markets, with stock indices plunging and the rupee touching a nine-month low, the Finance Ministry made a valiant effort to bring order in the market. Finance Minister P. Chidambaram asked the people not to be nervous, while Chief Economic Advisor Raghuram G. Rajan said there is no need to panic on the rupee front.
“We have been looking at what’s been happening in the market. We think that Federal Reserve Chairman Ben Bernanke’s statement has been misunderstood or misinterpreted,” Chidambaram told newspersons. He also said, “If you look at the statement carefully, he has clearly indicated that he will continue with quantitative easing in the foreseeable future.”
Rajan later said, “There is no panic-based need for new measures and I don’t see any reason for apprehension.”