7% growth is no reason to walk away from India: Vikram Pandit, CEO, Citibank
Pandit said that he did not see an overhang of the EU financial crisis on emerging markets, but warned that the world needs at least 600 million jobs.
By Agencies | Updated:
NEW DELHI: Vikram Pandit, CEO of the global bank Citigroup, said that 7% growth is no reason to walk away from India and expected India, China to grow despite the financial crisis in Europe.
Pandit said that he did not see an overhang of the EU financial crisis on emerging markets; but warned that the world needs at least 600 million jobs in the next decade including 200 million in the immediate future.
ET@Davos: 'India can't manage another recession'
Pandit was speaking at the World Economic Forum in Davos where the India story emerged even stronger with the business world appreciating the country's fine balance between democratic processes and economic growth.
The votaries of the Indian growth story include the likes of global rating agency S&P, which not long ago faced the ire of the US administration for downgrade of America's top-notch sovereign creditworthiness rating.
S&P President Douglas Peterson said that the agency has an investment grade rating on India, with a stable outlook and the country is more likely to improve further on this.
Commerce and Industry Minister Anand Sharma said reforms would certainly take place and even the much-talked about FDI decision for retail was only on a pause and not a reversal.
Pandit said, "The euro crisis is costing us about 1 percent in GDP around the world. You do the math and say: 'How many jobs is that? How many people are not working because of that? What can we do to go after the biggest question we've got for this decade which is jobs?'"
"Creating new jobs should be our number one priority," Pandit added. He said to create the conditions for growth, economic uncertainty must end and that means quickly resolving the eurozone crisis, ending regulatory uncertainty, and getting the public and private sector together to build infrastructure that can create jobs.
Pandit said that he did not see an overhang of the EU financial crisis on emerging markets; but warned that the world needs at least 600 million jobs in the next decade including 200 million in the immediate future.
ET@Davos: 'India can't manage another recession'
Pandit was speaking at the World Economic Forum in Davos where the India story emerged even stronger with the business world appreciating the country's fine balance between democratic processes and economic growth.
The votaries of the Indian growth story include the likes of global rating agency S&P, which not long ago faced the ire of the US administration for downgrade of America's top-notch sovereign creditworthiness rating.
S&P President Douglas Peterson said that the agency has an investment grade rating on India, with a stable outlook and the country is more likely to improve further on this.
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Commerce and Industry Minister Anand Sharma said reforms would certainly take place and even the much-talked about FDI decision for retail was only on a pause and not a reversal.
Pandit said, "The euro crisis is costing us about 1 percent in GDP around the world. You do the math and say: 'How many jobs is that? How many people are not working because of that? What can we do to go after the biggest question we've got for this decade which is jobs?'"
"Creating new jobs should be our number one priority," Pandit added. He said to create the conditions for growth, economic uncertainty must end and that means quickly resolving the eurozone crisis, ending regulatory uncertainty, and getting the public and private sector together to build infrastructure that can create jobs.
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