8216;Low growth in West may affect India8217;

He,however,discounted the possibility of another round of recession as experienced during 2008-09 after the fall of Lehman Brothers.

8220;The possibilities of developed economies slipping into a recession are not that great. They will have a slower growth rate but recession means negative growth rate. I may not believe that is going to happen,8221; he said.

Elaborating,he said there was some concern on the future prospects of developed economies as the debt crisis in Europe still remained 8220;unresolved8221;. 8220;There are also indications that American economy may also be weakened.

8220;All these have contributed towards a feeling that world economy is not moving as fast as originally envisaged8221;,he said. The US was taking efforts to revive the economy and it may take a month or so before the 8220;clouds get clear8221;.

He also said there was 8216;some panic8217; regarding the direction in which advance economies would move and all these were contributing to a situation in which 8220;currencies are taking a beating8221;.