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India and Indians

Statement of Finance Minister on financial situation

Following is the statement made by the Finance Minister, Shri P. Chidambaram on behalf of the Union Cabinet on the financial situation:

"The United States and many countries in Europe are passing through a severe financial crisis. The ripple effects of this crisis are being felt in other countries, including India. The authorities in the US and the Europe have taken a number of bold and unconventional

India and Germany signed an agreement to exempt Indian workers posted in Germany from making social security contribution under the host country legislation. The exemption will be given to people on short term contracts for a period of four years, extendable to another one year. German nationals in India will also receive similar benefits on reciprocal basis. The agreement on Social Insurance between the two countries was signed in New Delhi by Mr. K. Mohandas, Secretary