Yes it is.
One reason that world still belive India is strong in its economy....
India's economy is expected to grow about 6.8% during FY2008 and as low as 5.5% in FY2009. India's economy grew at an annual rate of 9% or more in the past three years, second only to China among the major economies, and the projections for FY2008 indicate that India's economic growth has been effected by the economic crisis. The Indian government's Finance Minister Palaniappan Chidambaram, however, said that he expected India's economy to bounce back to 9% during FY2009. This prediction has been met with skepticism by observers. The Asian Development Bank predicted India to recover from weakening momentum in 4-6 quarters. At the G20 Summit, India called for coordinated global fiscal stimulus to mitigate the severity of the global credit crunch. India said that it would inject US$4.5 billion into the financial system to help exporters. Some analysts pointed that India's going trade with other Asian countries, especially China, will help reduce the negative impact of the crisis. Analysts also said that India's high domestic demand and large infrastructure projects will act as a buffer reducing the impact of the global downturn on its economy. Economists argued that India's financial system is relatively insulated and the its banks do not have significant exposure to subprime mortgage.
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