And Indian economy is on track to emerge as one of the biggest players on a global scale in near future. And Indian institutions like Banks and top corporates have shown maturity and resilience.
Thats the optimistic note struck by Mr Kamal Nath, Minister for Commerce & Industry at the conference on Economic Slowdown, organized by Institute of Management Technology (IMT) in New Delhi on February 19, 2009.
Said Mr Nath, Yes, our growth has slowed down. We are in a midst of an unprecedented economic era, where some of the biggest economic powers and institutions have just melted away in a matter of months. Who would have thought a year ago that Lehman Brothers will not be in existence! But I believe that India is much better placed than the western world.
Mr Nath said that India will grow at 7.1% this year, which is a respectable growth rate.
Pointing out the unique position of Indian economy, Mr Nath said, Unlike China, Indian economy is not just based on exports. It has a very large domestic demand. Our exports are just 16% of GDP. This puts India on a strong footing. We have introduced several stimulus packages to boost the local demand, and it is working.
Emphasizing that India is not a laggard, but a leader on the global stage, Mr Nath said, When the world was telling us to adopt best-practices, which creates a much more leveraged economy, India created its own models. We were conservative and regulated. Our banks have been the most resilient once. And our large companies are strong. I believe India is poised to create the next-practices, rather than just ape the best practices.
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And Indian economy is on track to emerge as one of the biggest players on a global scale in near future. And Indian institutions like Banks and top corporates have shown maturity and resilience.
Thats the optimistic note struck by Mr Kamal Nath, Minister for Commerce & Industry at the conference on Economic Slowdown, organized by Institute of Management Technology (IMT) in New Delhi on February 19, 2009.
Said Mr Nath, Yes, our growth has slowed down. We are in a midst of an unprecedented economic era, where some of the biggest economic powers and institutions have just melted away in a matter of months. Who would have thought a year ago that Lehman Brothers will not be in existence! But I believe that India is much better placed than the western world.
Mr Nath said that India will grow at 7.1% this year, which is a respectable growth rate.
Pointing out the unique position of Indian economy, Mr Nath said, Unlike China, Indian economy is not just based on exports. It has a very large domestic demand. Our exports are just 16% of GDP. This puts India on a strong footing. We have introduced several stimulus packages to boost the local demand, and it is working.
Emphasizing that India is not a laggard, but a leader on the global stage, Mr Nath said, When the world was telling us to adopt best-practices, which creates a much more leveraged economy, India created its own models. We were conservative and regulated. Our banks have been the most resilient once. And our large companies are strong. I believe India is poised to create the next-practices, rather than just ape the best practices.
| Check Top MBA Colleges in India by Cities | | |
| Also Read Important Articles on MBA Admission | ||
| Top MBA Colleges in India | MBA Admission | MBA Entrance Exam |
| MBA Placements | MBA Ranking In India | GD Topics |
While the growth of Indian economy has slowed down from upwards of 9% to 6-7%, it is much better placed than the US or European Economy.