Eurozone crisis affecting India s economy: Pranab

Kolkata, May 27 (ANI): Blaming the economic crisis in the Eurozone for the downward trend in the Indian economy, Finance Minister Pranab Mukherjee today said that India is carefully observing the international situation and will definitely take necessary steps when needed. The rupee has devaluated 13 percent since February this year and 24 percent since last August. Mukherjee had said that, the Reserve Bank of India (RBI) would intervene when necessary to stop such devaluation, but no effect was seen. Economists hold that one of the reasons for rupee's continuous fall is the increasing trade deficit caused by faster growth of imports over exports.