India well 'placed amid economic turmoil'

November 18 2008 | Category: India: Economy and finance

India's economy is in a strong position to ride out the global financial crisis, it has been claimed.

Speaking at the opening of the annual India World Economic Forum in New Delhi, KV Kamath, president of the Confederation of Indian Industry, emphasised that the fundamentals of the country's economy are sound.

He commented: "The challenge we have is in keeping confidence going when globally the situation is looking dark."

James Quigley, chief executive of US-based accounting firm Deloitte[comma] added that despite concern within India at a predicted six per cent growth rate, such speed of expansion in the west would be considered "quite fantastic".

Earlier this month, IBN Live reported comments made by Indian prime minister Manmohan Singh that the country's economy is robust, and who added that he will not bow to pressure from airlines to cut fuel prices, as large subsidies are already provided by the government.

He went on to say that while India may experience a slowdown, it will not be a major one.
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