Worldwide financial crisis won’t upset India: Kamal Nath
2008-01-25 05:58:29 (GMT) (Caymanmama.com - India News News)Kamal Nath, Commerce and Industry Minister declared on Wednesday at the annual meeting of the World Economic Forum that worsening condition of finance in the entire globe will not engulf India under financial crisis. He further added that the growth in our nation rely more upon domestic consumption, and do not much depend upon exports.
“Unlike China, which is relatively more dependent on exports for its growth, the growth in Indian economy is driven by the surging demand,” Kamal Nath continued. He also said that India is not attached with the economies like US.
“I don’t see the impact of the financial crisis on India,” Nath restated throughout a meeting on ‘Update 2008: Economics’.
Nath further argued that “the dynamics of the recession” had completely changed. He added that government was more worried for the recent burst in the global cost of food items.
On the first day of Davos 2008 conference, only one issue dominated the entire proceedings as expected and it was the fright of a depression in the financial system of US and its worse impact on several other countries.
Apart from this, the candidates also argued on the issue of India and China, whether these two countries still are constantly growing at a rapid pace pressurising on the recessionary status of the economy of US.
“The rest of the world is not as resilient as China and India and it is difficult to predict the repercussions of a severe recession in the US economy if its current consumption of $9.5 trillion slows down drastically,” believed Stephen Roach, chairman of investment bank Morgan Stanley in Asia.
Economists being divided according to the function of central banks that brings the entire world to the edge of this recession, and foundations such as Fed would ever able to the guide the worldwide economy to come out of threat.
CaymanMama.com - Press Release Distribution Service
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