Finance minister, P Chidambaram said that the global financial crisis would hardly impact the growth of Indian economy. The country is well prepared to deal with any adverse situation. 

He also said that the government is committed to implement the economic reforms in India. Speaking at the Field Marshal KM Cariappa Memorial Lecture in New delhi, the Finance Minister said that the global financial sector is facing hard times after the bankruptcy of US investment bank Lehman brothers.

Apart from ICICI, other Indian banks have less exposure in the Lehman brother ICICI has exposures to bonds worth $83 million in the fallen bank. The government and Reserve Bank of India is doing its best to deal with the situation. The apex bank has suggested many ways for the banks ride the present global crisis. 

The share market of country surged after the assurance of finance minister about reforms in financial sector. The BSE gained 704 points and closed at 13,315.