India determined to expand despite recession: Ansari

April 7th, 2009 - 11:09 pm ICT by IANS  

By Manish Chand
Kuwait, April 7 (IANS) Indian Vice-President Hamid Ansari Tuesday said India’s economic growth will dip to six percent this year but stressed that it will still be one of the highest in a recession-hit world.

Ansari also warned against the perils of resorting to protectionism in recessionary times.

“Despite the current global financial crisis, we are determined to make the economy expand at a healthy rate,” Ansari told leading industrialists and fund managers at the Kuwait Chamber of Commerce and Industry here.

“During the last five years, our rate of growth was at an average of around nine percent. This year it will be about six percent, still one of the highest globally,” he said.

“Winds of global recession should not mean erection of new walls and protectionist barriers for trade, investments and free movement of service-providers and professionals,” he said.

Underlining the need for inclusive growth, Ansari said India’s “calibrated, stable and sustainable” process of growth has contributed to the “economic empowerment of millions of citizens, paving their way out of poverty”.

Kuwait was upbeat about India’s rising status as an economic power.

“India will be a centre of power in Asia, the most attractive destination for FDI and perhaps one of the fastest growing economy in the world,” said Ali Mohammed Thunayan Al-Ghanim, chairman of the Kuwait Chamber of Commerce and Industry.

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