A few even foresee the possibility of the country hosting a Davos-level congregation of the world's rich and powerful at some point in the future.
Kalyani said, "We have managed even bigger challenges in past and there should be no doubt that we would not be able to tackle the prevailing challenges".
Although a vocal opponent of India's stand at WTO negotiations, US Trade Representative Ron Kirk said the US does not consider India as an emerging market and perception in the US is that Indian can do whatever job the American can.
"They can make their own iPads and do much more, while seeking to assert his point that India was much more than just an emerging market," he said.
Barry Eichengreen, Professor of Economics and Political Science at University of California, said India can grow by 8 percent over the next 5-10 years, if it gets certain things right.
"But that would require certain policies and buffer against external shocks, it would have to work on expanding its manufacturing growth. The services sector is doing great in India, but it would need to do something similar to China on manufacturing," he noted.
Consultancy giant PwC's India Chairman Deepak Kapoor said the global economic slowdown should not be seen as a concern for India.
"It is rather an opportunity. My sense is that India would become a large player in global M&A scene. Indian entrepreneurs are very smart and they know how to take advantage of the prevailing economic conditions," he said, while noting many Indian companies sold assets just before the global crisis of 2008-09, and many are now looking to acquire assets abroad to take advantage of distressed valuations.
There have been concerns about the impact of European crisis, but there is almost an unanimity that India would be able to weather the storm in an easier way than many others.
Industry chamber CII's Chandrajit Banerjee said India will be affected if there is crisis anywhere.