India strong enough to endure crisis

Describing India as a 'key economic theatre' that will shape future growth prospects of the world economy, minister for overseas Indian affairs, Valayar Ravi said the country has the 'capacity and resilience' to weather the global financial turmoil.

"For our part the growth in technology, innovation and the size of the market in India combined with the demographic advantage that we hold, makes India a key economic theatre that will substantially shape future growth prospects of the global economy," he said.

In his inaugural address to the convention of the National Federation of Indian Associations in Seattle, Ravi, the minister for overseas Indian affairs said India is on its way to grow at over seven per cent despite the raging economic crisis worldwide.

"We are witness to the biggest taxpayer bailouts of international banks and corporates across the USA and Europe, unprecedented, in history," Ravi, Minister for Overseas Indian Affairs said.

"Yet, India remains stable and our economy continues on a high growth trajectory. We are on course to record a growth of between 7 to 7.5% this year," he said, adding Indian economy has both the "capacity and resilience" to weather the storm.

Lauding the election of Barack Obama as the next US President,

Ravi said it sent a message of inclusive and equitable growth to the outside world.

"The election of Obama as the next President has sent an inspiring and profound message to the world the message of inclusive and equitable growth, of peace and prosperity," Ravi said.

He also saluted the efforts of the Indian American community in facilitating the conclusion of the Indo-US civil nuclear deal, and said the landmark agreement is a 'historic milestone' in the country's march to becoming an economic powerhouse.

"It marks the beginning of a new and exciting period in our history. It also enables us to meet the development needs across several sectors of the economy without compromising our commitment to non-proliferation. I wish to salute the efforts of the Indo-American community in supporting and facilitating the conclusion of this pioneering agreement," he said.