India can tide over economic crisis: Kamal Nath | business | Hindustan Times
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India can tide over economic crisis: Kamal Nath

Stating that India with its strong economic fundamentals could tide over the current global financial crisis, Commerce and Industry Minister said the country received FDIs worth $2.25 bn and $2.32 bn in July and August. Do you think Indian economy is heading for recession?

business Updated: Oct 08, 2008 16:30 IST

Stating that India with its strong economic fundamentals could tide over the current global financial crisis, Commerce and Industry Minister Kamal Nath Wednesday said the country received foreign direct investments (FDI) worth $2.25 billion and $2.32 billion in July and August respectively.

“The huge growth in FDI in India despite global economic slowdown shows how sound and resilient our economy is,” Kamal Nath told reporters, adding there was nothing to worry at all.

“In August, FDI growth was 124 percent and 219 percent in July this fiscal, which is an indicator to the fact that India with its strong fundamentals can tide over global financial crisis,” he said.

Referring to inflation, which was 11.99 percent for the week ended Sep 20, the minister said it is easing and would continue to moderate.