Kamal Nath, Minister of Commerce and Industry said in Davos “Strong Fundamentals of the Indian economy coupled with strong sentiment, will see Indian achieve an annual growth of 7-7.5 % for the year ending 2008-2009, despite the global slowdown. This is mainly due to the fact that the Indian economy is domestic demand driven”
Newly appointed MD of ICICI Bank, Ms Chanda Kochhar told IANS “India is in a much better economic position than many countries. We have a very strong domestic market, driven by strong consumer base. So the outlook is very positive,”
P Chidambaram, Ex Finance Minister said “As far as India is concerned, the fundamentals of our economy are strong”
PM said if voted back to power, he would roll out a 100-day action plan to revive the economy by adding greater zip to the stimulus packages and by tackling job losses.
Are we saying that our domestic fundamentals will bring us back to normalcy by this fall?
My view is that while there might be some revival of economy in the coming few months, it will purely be on the basis of increasing global optimism and not bceause of factors which are particular to India. And we might have to wait till 2011-12 to bring us back to 2005-08 level of growth.
Am I shooting in the dark?
You might rightfully agree or disagree in my phrophecy. Maybe I might be wrong or maybe I might be right, which time will only tell, but I’m certain that my shots are not from the dark.
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