India confident of 8.5% growth, despite European crisis.

Finance Minister Pranab Mukherjee is confident that the economy will grow by 8.5 per cent this fiscal if the monsoon is good, as it can help negate the impact of the European financial crisis.

"Given the uncertainties in the global markets, especially in Europe, there may be some adverse impact in the market...(however), if the monsoon is good and no untoward things happen, the growth will be 8.5 per cent," he said at a function here.

Europe, which is India's largest trading partner accounting for a fourth of the country's imports and exports, is reeling under a financial crisis. After Greece nearly defaulted on public debts, Hungary is staring at a similar situation.

Besides, Spain, Portugal and Ireland too are facing financial strain, with some of these countries seeing bank failures.

The government has forecast of 8.

Source :- ptinews.com/news