'Global economic upheaval not to have big impact on India'

NEW YORK: The turmoil in the world economic markets is unlikely to have a major effect on India's economy, which is currently at 9 per cent level, Confederation of Indian Industry's President K V Kamath has asserted.

In his keynote address to a conference on investment in India, organized by CII in collaboration with the Asia Society here Tuesday, he said the credit turmoil that has affected the world markets has not slowed enthusiasm in the American investments in India or vice-versa.

Allaying the fears of a slowdown in the Indian economy, Kamath said India has been witnessing high growth rate only for a few years and all evidence point to the country continuing on that path for several more years.

At the meeting, former USIBC Chairman Charles "Chip" Kaye said keeping in view the economic downturn and projections that India may not mobilize the expected foreign direct investment in infrastructure where it is needed most, USIBC's role in the coming year must be to make investors aware of opportunities in India for investment in its soft and hard infrastructure.

"To that end, we are planning a 'Green India' Summit on October 15 in Washington with CII to showcase the numerous opportunities for investment in India, matching these with America's best environmental technologies," Kaye, who is also the Co-President of Warburg Pincus, the largest US private equity investor in India, added.