Private sector will help India weather slowdown: Kamal Nath

January 31st, 2009 - 7:37 pm ICT by IANS  

New Delhi, Jan 31 (IANS) A “disciplined” private sector and an “aspiring” middle class are the engines of India’s economic growth, and will help the country weather the tumultuous times, Commerce and Industry Minister Kamal Nath said Saturday.“India’s aspiring middle class has demonstrated surprising resilience in counterbalancing the global credit crisis and slump in the global export economy of which India is a key player,” the minister said at the World Economic Forum in Davos, Switzerland.

An official statement released here quoted Kamal Nath as saying that India’s IT sector will help sustain brand India as it managed to grow about 20 percent in 2008.

Kamal Nath also said the investment plans in India have traditionally been set with a high rate of return in mind.

This mindset would make Indian businesses more resistant to the dangers of an economic slowdown, the minister said.

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