The Financial Express cited Mr Anand Sharma union commerce & industry minister as saying that India has been less affected by the current global economic crisis due to the economy's strong fundamentals.

Mr Sharma, while interacting with the media on completing his trip to Washington said that "The current economic crisis has affected countries across continents some more adversely, some less adversely. Without quantifying details India may be one of the countries less adversely affected because of the sound fundamentals of its economy."

That is the reason why, he argued, India has had inflows, which is encouraging. He said "In the month of May itself we had USD 2 billion of FII money into India, this is because of the stability and strength of the Indian economy, which is reassuring to the Indian investor."

At the same time, Mr Sharma said it is also very clear that India has been adversely affected in certain sectors, mainly exports, which have dropped by 30%. This needs to be corrected.

He said "For that we need to make our exports attractive and competitive because many of the exports which have been impacted are directly connected to the labor intensive industry, leading to loss of jobs.

(Sourced from The Financial Express)