Indian eco growth to continue despite policy paralysis: Mittal
Stressing that India's growth story was not over, billionaire Lakshmi N Mittal Sunday said the Asia's third largest economy will continue to grow despite policy paralysis.
New Delhi: Stressing that India's growth story was not over, billionaire Lakshmi N Mittal Sunday said the Asia's third largest economy will continue to grow despite policy paralysis.
"India story is definitely not over. We are in the process of continuous growth. India has tremendous potential to grow and we have a momentum to grow," Mittal, Chairman of ArcelorMittal, the world's biggest steelmaker, said here.
Growth in India, he said, had slowed because of economic crisis in the European Union.
"Before 2008 crisis... Everyone believed that India is decoupled from global economy. The crisis showed we are not. Clearly, one reason why growth has been slowing in past one-and-half year is European crisis," he said, adding EU crisis was impacting global economy, which, in turn, was affecting growth in India.
The 7-7.5 percent growth in India was a matter of envy for the world, he said drawing parallel to Brazil, another emerging economy, which was growing at 3-4 percent only.
"While we should continue to strive for higher growth rate... I think we should not be contended, but I think we should not take it negatively that India growth story is over. There is tremendous potential," he said.
Mittal, who had yesterday in Bhatinda stated that he would not complain of policy paralysis despite slow decision making, said India would continue to grow despite politics or policy paralysis.
"Whatever may happen in terms of politics, you may call it paralysis, I think the country will continue to grow. I am very positive about it," he added.