India's central bank said on Saturday the global financial crisis was having a bigger than expected impact on the domestic economy and it was taking measures to augment market liquidity and help export sectors. It said it would continue a special repurchase facility for mutual funds and non-banking finance companies until March 2009.
"There are indications that the global slowdown is deepening with a larger than originally expected impact on the domestic economy, particularly for the demand conditions in the medium and small industry sector and export-oriented sectors," it said in a statement on its web site.