THE OLD SETTLERS OF SIKKIM

Indian economy to grow despite politics over policy paralysis: Lakshmi Mittal

Published: Sunday, Apr 29, 2012, 17:16 IST | Updated: Sunday, Apr 29, 2012, 21:57 IST
Place: New Delhi | Agency: PTI

NRI business tycoon Lakshmi N Mittal on Sunday said India's economy will continue to grow despite politics over policy paralysis.

"India story is definitely not over. We are in the process of continuous growth. India has tremendous potential to grow and we have a momentum to grow," the Chairman of ArcelorMittal - the world's biggest steelmaker - said here.

Mittal, who had stated in Bhatinda on Saturday that he would not complain of policy paralysis despite slow decision making, said Asia's third largest economy would continue to grow despite politics over policy paralysis.

"Whatever may happen in terms of politics, you may call it paralysis, I think the country will continue to grow. I am very positive about it," he said.

Growth in India, he said, had slowed because of economic crisis in the European Union.

"Before 2008 crisis...everyone believed that India is decoupled from global economy. The crisis showed we are not. Clearly, one reason why growth has been slowing in past one-and-half years is European crisis," he said, adding EU crisis was impacting global economy, which, in turn, was affecting growth in India.

The 7-7.5 per cent growth in India was a matter of envy for the world, he said drawing parallel to Brazil, another emerging economy, which was growing at 3-4 per cent only.

"While we should continue to strive for higher growth rate...I think we should not be contended, but I think we should not take it negatively that India growth story is over. There is tremendous potential," he added.