Indian demand to drive economy - Mr Nath
The Financial Express quoted Mr Kamal Nath Commerce and Industry minister as saying that India's domestic demand will help sustain economic growth in the midst of the global downturn, which has not hit the country as much as it has impacted other economies.
Mr Nath in an interview to BBC said that "India's growth story is based on domestic demand. It is not based on the export market entirely we can continue to keep our domestic demand driven growth." India's exports worth around USD 200 billion contribute about 20% to its domestic production.
He said that "We cannot insulate or isolate ourselves from it but we can continue to keep our domestic demand."
He said that the Central government has announced USD 4 billion for infrastructure projects, which would take off in the next couple of months. Mr Nath said that "That is creating domestic demand and that is what is going to sustain through. We are not going to get hit as bad as other countries."
(Sourced from FE)
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