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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India in strong economic shape, corporate leaders say AFP - Monday, November 17 NEW DELHI (AFP) - - India's top business body insisted Sunday the economy was in strong shape to ride out the global financial storm but conceded corporate confidence was a big problem. The feeling for companies is "like they have suddenly fallen off a cliff," K.V. Kamath, president of the Confederation of Indian Industry (CII), said at the opening of the annual India World Economic Forum in New Delhi. The meeting, which has drawn 700 delegates hoping to sniff out opportunities in one of the world's fastest-growing economies, is taking place against the backdrop of a financial crisis that has blunted India's growth prospects. Last year, a gold rush buzz was tangible at the forum with India's economy expanding by a scorching nine percent. But this time, with growth seen at seven percent or lower for the current fiscal year to March, organisers say the mood at the three-day event, hosted by the CII in partnership with the World Economic Forum, is more muted. "The fundamentals of the economy are sound," said Kamath, who is also chief executive officer of India's largest private sector bank ICICI. "The challenge we have is in keeping confidence going when globally the situation is looking dark," said Kamath, noting the global economic environment has deteriorated so rapidly that companies need time to take stock. Still, speakers at the forum said the seven percent growth expected for India this year and six percent next year was enviable compared to recessionary trends in the West. "I'm hearing concern expressed here about six percent growth -- in the West that growth would be considered quite fantastic," said James Quigley, chief executive of US-based accounting giant Deloitte. Speakers noted India's vast domestic market of 1.1 billion people would be a key driver of expansion in coming months with exports accounting for just 15 percent of GDP. With India's inflation falling from 13-year peaks to single digits of close to nine percent, Kamath added the central bank could now move more aggressively to cut interest rates to boost corporate confidence and spur growth. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Japan economy shrinks in third quarterAP - 57 minutes ago India in strong economic shape, corporate leaders sayAFP - Monday, November 17 Vietnam walks tightrope between inflation and downturnAFP - Monday, November 17 U.S. auto bailout support battle heats upReuters - Monday, November 17 Related Articles: Business Japan's economy shrinks in 3Q; enters recessionAP - 49 minutes ago Palm oil prices to plunge due to oversupply, lower demand: reportAFP - 1 hour 10 minutes ago Financial overhaul added to Obama's to-do listAP - 1 hour 15 minutes ago BHP maintains iron ore output amid deferralsReuters - 1 hour 24 minutes ago Pakistani rupee seen stabilising after IMF agreementReuters - 1 hour 28 minutes ago Enlarge Photo India in strong economic shape, corporate leaders say Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US space-funeral company plans to launch lunar cemetery Obama thinking big, despite crisis Earth would be heading to a freeze without CO2 emissions Prince Charles wants to speak out as king: biographer Democrats face White House opposition to new economic plan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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