India has got substantial attention at the Davos World Economic Forum as the fastest growing large economy at a time most of the heavy weights are slowing fast.
Fiancé Minister Arun Jaitely declared that India can grow at 9% provided the right conditions.
“Fastest is still not good enough for India,” said Arun Jaitley at the Summit that usually attended by leaders and businessmen.
This year’s WEF was remarkable as it happened in the context of a quickly slowing global economy. The emerging markets that stood steady are showing signs of weakness with leader China recording slow growth and financial sector turmoil.
If there is an economy that seems steady, that is India and its moderate 7.5% looks suddenly remarkable. Investors searching for opportunities among the emerging markets have also verdict that India is the safe destination in the immediate future.
Dooms day predictor – Nouriel Roubini who became known as Dr. Doom for predicting the U.S. housing crisis in 2006 has made a lot of praise for India at Davos. He called the Indian economy “robust,” and described it as the economic “sweet spot.”
Roubini has asked Indian policy makers to simplify regulations, supporting start-ups and developing skilled workers for exploiting the present opportunity.
Government has showcased Make India initiative and invited foreign participation in the Indian growth story. Finance Minister and his team have elaborated the future plan including the infrastructure expansion initiatives that attracted the attention of and concerns of experts from other countries. Several corporate heads pointed out that the country should speed up reform initiatives that have slowed down amidst political uncertainty.