As the annual World Economic Forum summit heads for close today, the India story has emerged even stronger with the business world appreciating the country’s fine balance between democratic processes and economic growth.
A few even foresee the possibility of the country hosting a Davos-level congregation of the world’s rich and powerful at some point in the future.
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.
Brushing aside the concerns of slow reforms and the perceived notion of ‘policy-paralysis’, he said, “In a democracy, the policies are made after a prolonged dialogue and that is indeed a healthy practise.”
Apparently, impressed with the positive discussions about India, Peterson went on to say that it was quite a refreshing change that the talks have moved away from the European crisis to India at Davos.
Still, India on its part reaffirmed its commitment to the economic reform agenda.
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.
“And, remember that a pause cannot be for a long time,” he said.
Senior industrialist and Bharat Forge group chief Baba Kalyani said that India can certainly grow by 8 per cent.