Obama not properly informed about India's strong economic fundamentals: Moily

Dismissing Barack Obama's concerns over deteriorating investment climate in India, corporate affairs minister Veerappa Moily yesterday said certain international lobbies were spreading such stories and the US president was "not properly informed" about the country's strong economic fundamentals.

"Certain international lobbies like Vodafone are spreading this kind of a story and Obama was not properly informed about the things that are happening, particularly when India's economic fundamentals are strong," he told reporters in Bangalore.

He went on to allege that the perception of deteriorating investment climate in India had no economic basis and it stemmed from the impression of few individuals, entrepreneurs and investors.

"That is also being removed. Once that perception is removed, I think in 2-3 months, we are back again with a kick-start to pick up the same speed as we had done in the last decade," he said.

According to Moily, India faced no crisis, whereas the US and other countries faced crises, "not once but twice in 2008 and 2010".

"Not even a single financial institution has collapsed in this country, whereas many such things have collapsed in US and other countries," he said.