Mukherjee: Wider crisis in Europe would hurt India

BUSAN, South Korea - India's economy would be hurt should the sovereign debt crisis that originated in Greece spread in Europe, Finance Minister Pranab Mukherjee said.

"If the whole of Europe is affected by the debt crisis it will be harmful to us," Mukherjee said in an interview in Busan, South Korea, where he is attending a meeting of Group of 20 finance officials.

The European Union is India's biggest overseas market, accounting for a fifth of the nation's merchandise exports. The nation, which opened its market to foreign investors in 1991, has become vulnerable to slowdowns and financial crises abroad as exports play a bigger role in the economy.