Chidambaram hopeful of Indian economy upturn
Wednesday, February 25, 2009 at 5:02 am
Complimenting the resilience displayed by Indian industry in dealing with the slowdown, Home Minister P Chidamabaram today stated on Tuesday (February 24), the country’s economy is likely to find an upturn by October (2009).
“By the beginning of the third quarter of 2009-10, by October, we will find an upturn in the economy,” Chidamabaram, who was Finance Minister till November last year, said while presenting the National Tourism Awards.
“The present downturn is temporary. Our growth rate is expected to be well over seven per cent,” pointed out Chidamabaram, noting that despite a downturn in global scenario, India has managed to achieve seven per cent growth. He attributed this to domestic consumption and demand.
Commending the performance of Indian businesses and industry during the global downturn, the Home Minister claimed that India stood out as a “shining example” of a resilient economy, when the world was engulfed by economic gloom.
According to Chidambaram, “We owe this resilience of Indian business and economy, to its ability to quickly adjust to changing times. But in no other country, I have seen businessmen adjusting so rapidly (to the situation). That is why, we were able to hold our head high,.”
During difficult times, Chidambaram advised that one should take “hard decisions”, like cutting prices as a “natural response” to the downturn.
(Agencies)
( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)
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