In 2006, the global economy was doing well. In India, the political and economic situation was stable. All key macroeconomic indicators reflected an economy that was in robust good health.
Sentiment: POSITIVE
The global economy is in pretty good shape.
People understand what is good for them in the long run. In the long run, what is good for people is that India's economy continues to grow at clipping pace, 8% and above, that itself brings host of benefits to the people. It brings better roads, it brings better schools, brings more money to the communities, it brings more jobs.
The Indian economy grew at 5.5 percent, but if you look at the last 30 years - for example, 1960 to 1985 - the progress made by East Asian countries was phenomenal. In a single generation they had been able to transform the character of their economy. They were able to get rid of chronic poverty.
Fortunately for India, it has got a growing economy. If it is doing the right things with taxation and focusing on the right areas for human development, it is going to have no problem, over a period of time, taking care of its own needs.
In the 1980s, we were advised, why don't you follow Reaganomics or Thatcherite economics. We said, yes, there are good points, let's see how we can fit them in the Indian economy. Every country has its own way of moving forward.
We must recognise that in a globalised world, we cannot remain insulated from external developments. India's trade performance in the current year has been robust, surpassing pre-crisis export levels and pre-crisis export growth trends. We have diversified our export baskets and our export destinations.
Recent economic data shows that our economy is robust, growing and headed in the right direction. The numbers don't lie. Americans are currently enjoying falling gas prices, low unemployment, increased job creation, and a stock market that has reached an all-time high.
While the wider global environment is worrying, we are seeing some positive results in our economic affairs.
Well, I think the global economy is in the position for continuing good growth with inflation well in check.
In 2008, when the global financial crisis struck, it was a bad year for a lot of developing countries, and it manifested itself in consumer confidence.
No opposing quotes found.