India's strong economic base to combat slowdown: FKCCI

BANGALORE: Industry chamber FKCCI today said the country has a strong economic base to combat present economic slowdown, reflected in the fact that it grew at six per cent even during the global economic crisis and is able to withstand uncertainties.

It was reacting to US President Barack Obama's statement on India's 'deteriorating investment climate' on Sunday.

"India continues to be an attractive investment destination even today as can be seen from the Rs 7.5 lakh crore investments signed by investors from India and all over the world during GIM 2012 of Karnataka," Federation of Karnataka Chambers of Commerce and Industry (FKCCI) President K Shiva Shanmugam said in a statement.

"If a single state could attract such investments, it can very well be seen that our country has great investment potential," he said.

He, however, admitted that India's present economic downswing has to some extent adversely affected investor sentiment.

"But, at the same time, I am confident that the eminent policymakers of our country, led by Prime Minister Manmohan Singh, himself an economist, would take it as a priority to bring in necessary policy changes suiting our needs," he added.

Obama had told PTI in an interview that India prohibited foreign investment in too many sectors such as retail and cited concerns over deteriorating investment climate in the country.