The comforting words of Indian politicians and financial officials - offering reassurance about the stability of the country's economy - are now ringing a little hollow.

The truth of the matter is India has been affected by the liquidity crunch - though arguably not as badly as other parts of the world have been.

The downturn in the West now appears to have reached India's shores. The Indian stock market is the most obvious and evident victim of the global credit crunch - having lost over half of its value since the crisis began - billions of dollars of foreign funds were pulled out of Indian shares, as foreign fund managers scrambled to get their books in order.

Concerns are growing here about a global recession and what that might mean for the 300 million strong Indian middle classes.

Many Indian professionals have put their savings into the stock market and into mutual funds over the last few years, tempted by the spectacular returns they saw.

India's property sector has also been bruised. Up until recently, property prices in Mumbai were on par with Manhattan's, boosted by score of foreign firms coming into the financial capital, looking to set up shop here.

The foreign money also helped to create hundreds of thousands of jobs for India's young middle classes, who could now finally afford to realise their dream of owning their own home.

All that demand for flats and houses caused prices to soar by 40% in some of the big cities in India last year. But now much of that money and demand has evaporated - leaving property developers out in the cold.

Already prices are down some 10-15%, with forecasts of a bigger crash around the corner.

 

reassurance 使安心;再保證;再保險

hollow空的,中空的

liquidity 流動性 擁有流動資產

crunch 艱難局面;財政困難;短缺

arguably 雄辯地;可以認為

obvious 明顯的;顯著的

crisis 危機;緊急關頭;轉折點

pulled out 拔出

recession 後退;退回  (經濟的)衰退;衰退期[C][U]

mutual 相互的,彼此的  共有的,共同的

tempted 有興趣的;很想要做的

spectacular 壯觀的;壯麗的  引人注目的;驚人的

property 財產,資產;所有物  房產,地產,房地產

bruised挫傷的

boosted 提高;增加

scores 大量,許多

afford 常與can,could,be able to連用)買得起;有足夠的...(去做...)

realise = realize  領悟,了解,認識到   實現;使成為事實

demand 要求,請求

evaporated 使蒸發;使揮發  使消失;使消散

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