MANAMA: India, with $1.1 trillion or the second largest GDP among the world’s developing economies, is treading on the right path of sustained progress and development. While most Western economies are heading toward recession, the Indian GDP growth is likely to witness a slowdown from 9 percent last year to 6.5 to 7.5 percent by the year-end, a senior banker said.
Ajay Sharma, the country head of ICICI Bank, at the Bahrain Chamber of Commerce and Industry (BCCI) in a presentation titled ‘India Outlook-going forward’ said that the global economic crisis impact on Indian economy could only reflect on the GDP growth.
The Indian economy, he said, is immune to the global mortgage crisis, failures of banks in the West and liquidity crisis. Sharma, who was joined by the Ambassador of India in Bahrain Balkrishna Shetty and CEO State Bank of India Praveen Gupta, in his presentation highlighted the major economic indicators of Indian economy and said it would continue to enjoy the status on of the stable economies in the world with positive outlook for 2008 and beyond.
The presentations held at the BCCI were in line with the upcoming visit of the Crown Prince and Deputy Supreme Commander Sheikh Salman ibn Hamad Al-Khalifa to India.
The crown prince is expected to lead a strong business delegation as the visit is aimed at exploring the various avenues of possible joint ventures, two-way investments and forging trading alliances among the private sectors of both sides.
The event was organized by the BCCI in cooperation with the Indian Embassy where the presenters highlighted the salient features of Indian economy and the scope of further business cooperation between Bahrain and India.
Sharma added: “Indian economy is based on robust fundamentals and enjoys the status of one of the most dynamic and growing economies in the world with over 9 percent GDP last year.”
Sharma said: “India itself is a biggest consumer market with 300 million of middle class and the lowest debt ratio of 22 percent of the GNP. The country enjoys the highest savings rate of 28 percent of the GDP.”
India, according to Praveen Gupta of the State Bank of India, had contributed 12 percent to the world’s economic growth last year, making it one of the vital pillars of the global economy.
Shetty, the Indian envoy, in his presentation ‘India-Bahrain Business Opportunities’ said that India has emerged as an economic powerhouse and no more a cheap labor exporting market.
Today’s India is a different economy and known as one of the most promising economies in terms of growth and investment, he added.
Esam Fakhro, Chairman of the BCCI board, in his welcome address highlighted the salient features of the existing trade, commercial and political ties between the two countries and urged the private sectors of both the countries to work for more result-oriented projects.
The speakers focused on the potential business sectors such as IT, construction, building materials, banking, investment, healthcare and chemicals.
