"We can't measure the impact. We have said we will be indirectly impacted. There will be impact to some extent on our growth, our exports and it will also impact the currency flows, which it has already.

"But we are confident that given the underlying strengths of Indian economy we can weather the crisis and still return a decent growth in 2008-09. Even the IMF last week's assessment places India's growth rate in current fiscal at 7.8 per cent.

We will still return a decent growth rate. We will suffer an indirect impact," he told reporters accompanying Prime Minister Manmohan Singh on his special flight to Washington where he will attend a summit of world leaders on the current global economic and financial crisis on Friday.

Asked whether with the international trend of interest rates moving towards zero per cent, the Indian rates were still high, he said this was a question the RBI Governor has to answer. "I think he has given his answer on October 6, October 24 and October 31. He will respond as the situation develops. I can't give an answer to it."

To a question whether there were plans to reduce the Cash Reserve Ratio of banks, he said once again this was a question to RBI Governor could answer.

About India's credit growth rate, Chidambaram said he was not not targeting any growth of credit. It was growing at 29 per cent today. If it was non-inflationary growth then there was no worry about the credit growth rate.

"That is what Dr Bimal Jalan said in an interview two days ago. We have to juxtapose the rate of credit growth with inflation. If the growth is non-inflationary then we can accept the current credit growth. But it depends upon its impact on inflation. The Governor will have to take a call on that."

To a question about the British press saying India's GDP growth rate will be less than projected, he said estimates vary between 7 and 7.8 per cent. IMF is 7.8 per cent and RBI is 7.5 to 8 per cent. The Prime Minister's Economic Advisory Council is 7 to 7.5 per cent.