Attacks will not slow investment: Nath

Nath said attacks in Mumbai would not slow investment into the already strained economy.

Trade Minister Kamal Nath said on Thursday the attacks on high profile targets in the country’s commercial capital would not slow investment into an ecomomy already under strain.

At least 86 people were killed by gunmen in the attacks on some of Mumbai’s top hotels, a popular cafe, a busy railway station and other locations. Hostages were taken in two of the hotels.

“This does not have an economic component. It’s an unfortunate event. These type of things have happened in New York and other major cities,” Nath said.

“(There will be) no slowdown in investment flows.”

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The global downturn has already rattled Indian financial markets and a credit squeeze has prompted the government and central bank to take a series of measures to lift sagging growth.

The Reserve Bank expects the economy to expand by 7.5-8 per cent in the 2008-09 fiscal year, slowing from 9 per cent posted in the last three years.

India’s capital market regulator said the country’s two major stock exchanges would remain closed on Thursday.

Police personnel seen to control the situation during a massive protest over the statehood demand and the inclusion of Ladakh under the Sixth Schedule, in Leh on Wednesday. (ANI Video Grab)

Statehood protest takes violent turn in Ladakh, BJP office set ablaze in Leh

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Protests in Ladakh turned violent as students and youth organisations demanded statehood and Sixth Schedule status. Two elderly protesters fainted, prompting a shutdown call. A BJP office and security vehicle were set on fire. Activist Sonam Wangchuk urged for a peaceful approach. The demand for Sixth Schedule status is due to Ladakh's tribal-majority population and direct central administration.

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