The current debt crisis in some European Union member states will have a negative impact on Indian exports and the Indian stock market, a top official said Saturday.
European Union finance ministers on Friday pledged for tougher sanctions against EU budget rule breakers, a move to contain the debt crisis in the eurozone and calm down financial markets.
The Eurozone debt crisis may have some adverse short-term impact on Indian exports to the European Union, said Finance Secretary, Ashok Chawla on Monday.
Stocks took a tumble this week as investors are concerned that the European Union has no answer to fix the ongoing debt crisis. Financials, Energy and Materials led decliners.
European Union finance ministers have agreed on a bailout package of nearly USD 1 trillion (750 billion euro) for Greece, as part of their concentrated efforts to prevent the debt crisis contagion from spreading to other nations.