Eurozone contagion a major worry for India: Montek

LOS CABOS, June 18: India�s economic woes have not gone out of hand in the wake of the slip in the GDP growth�the lowest in nearly 9 years�but there could be trouble if the Eurozone crisis is not quickly contained and financial stability in Europe restored, a top Indian official said today.Ahead of the G-20 Summit of developed and developing countries being attended by Prime Minister Manmohan Singh among other world leaders, Deputy Chairman in the Planning Commission Montek Singh Ahluwalia said India will be �lucky� this year if it can achieve around seven per cent growth rate this fiscal.The country�s economic growth rate slipped to 5.3 per cent in the fourth quarter of 2011-12, lowest in nearly 9 years due to poor performance of the manufacturing and farm sectors.Ways to fix the Eurozone crisis to prevent a contagion effect that could hurt emerging economies like India and China is on the top of the agenda of the G-20 leaders who will be meeting in this Mexican coastal resort over the next two days.Ahluwalia said the general assessment at the ongoing deliberations is that the global economy is �extremely weak� and it could sow the seeds for a second financial crisis in four years if the Eurozone crisis is not handled effectively.�We have not reached a situation where there is a sudden outflow of funds. We don�t need any support from IMF. We are not looking for anything like that,� he said.�We will be lucky to have six-and-a-half per cent to seven per cent growth which is lower than the long-term target,� Ahluwalia, who is the sherpa assisting Prime Minister Singh at the summit, said. The G-20 accounts for 80 per cent of the global GDP. (PTI)