“Domestic demand will drive economy”

Davos (Switzerland): Commerce and Industry Minister Kamal Nath on Wednesday said India’s domestic demand would help it sustain economic growth despite the global downturn, which could not hit the country as much as it impacted other economies.

“India’s growth story is based on domestic demand. It is not based on the export market entirely ... we can continue to keep our domestic demand-driven growth,” the Minister said on the first day of the five-day annual World Economic Forum meeting here.

“We cannot insulate or isolate ourselves from it [global downturn] but we can continue to keep our domestic demand.”

Satyam episode

Anand Mahindra, co-chair from India, said the Satyam scam was evidence of materialism and greed complementing the last few years of growth, and this kind of episode could be seen everywhere, not just in India.

Looking at the Satyam debacle as an opportunity, Mr. Mahindra, vice-chairman and managing director of Mahindra & Mahindra, said there was, however, a silver lining in the Satyam episode in that it gave “all of us an opportunity to realign our role models, realign our priorities and to re-root capitalism.”

Mr. Mahindra said: “I believe capitalism has some flaws ... It needs to be rooted in values, and that is avowed goal of this forum.” — ANI, PTI

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