Indian economy set to grow despite policy paralysis: Mittal
30 April 2012
NRI business tycoon Lakshmi N Mittal said the Indian economy would continue to grow despite politics over policy paralysis reports PTI.
He said the India story was definitely not over, adding that India was in the process of continuous growth. He said India had tremendous potential to grow and also a momentum to grow.
Mittal, chairman of ArcelorMittal, the world's biggest steelmaker stated in Bhatinda on Saturday that he would not complain of policy paralysis despite slow decision making, adding that the third-largest economy in Asia would continue to grow despite politics over 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," PTI quoted him as saying.
He said growth in India had faltered due to the EU economic crisis.
"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 years is European crisis," he said, adding EU crisis was impacting global economy, which, in turn, was affecting growth in India.