In an answer to all the queries regarding the affect of failing Eurozone on Indian banks, the Finance Minister said on Wednesday that the exposure of our banks are minimal. This means that the affect will not be as much as it is being feared, although, total de-coupling is not possible.

Finance Minister also said that the global economy is not yet out of the woods and it would be sometime before that happens. He also said that his ministry is aiming at insulating India from the shock that has developed in Europe post the starting of Greek crisis. Talking to a private news channel, NDTV, Pranab said that revival in the industrial and manufacturing sectors are an indication that the economy is moving forward and that the impact of the economic crisis is weakening.

He also said that the current emphasis is now on growth and fiscal consolidation and the phase where survival was the question is now over. Talking about the inflation, he said that the figures can be pulled up to 5-6 per cent. And if the monsoons will be normal, as expected, then the figures will be pushed even further.