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Financial Meltdown Felt in India

Hindustan Times, Posted: Oct 11, 2008

NEW DELHI - The Bombay Stock Exchange's 30-share Sensex plunged 800 points Friday, the lowest since July 2006, provoking jitters all over India, reports the Hindustan Times. The financial crisis in the United States has resulted in a liquidity squeeze across the global financial system. India's Reserve Bank announced a surprise one percent point cut in the reserve requirements of commercial banks so as to leave more money in the system. The Finance Minister promised more government spending to boost liquidity. India, however, has been somewhat insulated from the global turmoil because of controls on capital flows and credit transactions.

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