ICICI will have to take a loss of $28 million and make provisions for this. Tata AIG, by far the most affected Indian company

ICICI will have to take a loss of $28 million and make provisions for this. Tata AIG, by far the most affected Indian company, will have to do some serious firefighting. Happily, though, finance minister P Chidambaram has assured the insurers that the firm will have all the necessary funds to absorb these losses. For the rest, there need not be any fear. The global credit crisis will only have a marginal impact on the Indian economy as our financial institutions are insulated and regulators have been losing their jobs. However, one casualty will be India's contemplated introduction of long-term capital convertibility which will now be delayed.