" But, when crisis moved from sub-prime mortgage market to housing market, and now housing market to the credit market, there is impact upon India. There is impact in terms of credit flows and financial flows. But, at the moment, I believe that impact is second order impact and a moderate impact," he said"
Moderate impact means just less than severe. If I read this statement correctly many state controlled Indian banks have significant exposure to " US housing market". that is not good. US housing market is in free fall.
Guess who is paying for average American living in such big houses and driving mercs-----YOU average Indian.
