‘Global crisis just slowed India, but growth story is still intact’
Global rating agency Standard and Poor’s (S&P) may have downgraded India’s rating from neutral to negative but for billionaire and global steel magnate L N Mittal, “the India story is intact and is definitely not over”. HT reports.business Updated: Apr 29, 2012 21:04 IST
Global rating agency Standard and Poor’s (S&P) may have downgraded India’s rating from neutral to negative but for billionaire and global steel magnate L N Mittal, “the India story is intact and is definitely not over”.
Mittal, who is here for the commissioning of his Rs 21,500 crore Bhatinda refinery project in Punjab, said that India’s growth story, even at the rate of 7-7.5% is a matter of envy for many developed nations.
“Whether it is political uncertainty or the talk of a policy paralysis, India will continue to grow because this is a country with tremendous potential and aspiring youth who are looking to the world to make a difference,” Mittal told Hindustan Times on Sunday.
Drawing a parallel with Brazil, another emerging economy, Mittal said, “The world keeps referring to Brazil here too, the growth has been only 3.5 to 4% last year.”
Another interesting comment that came from Mittal was India’s continuous comparison with China. “Why should China be our benchmark when India is not their benchmark,?” he asked. “Our strengths are very different and in India, we have this very educated class of young and aspiring people, who are more than 50% of the country’s population. So why should we be seen as benchmarking against China and not against the developed world.”
Growth in India, he said, had slowed because of economic crisis in the European Union. “Before 2008 crisis, everyone believed that India is decoupled from the global economy. The crisis showed we are not. Clearly, one reason why growth has been slowing in past one-and-half year is European crisis,” he said.