World situation worrying, but India will swim against tide

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Old 30-Jun-2011
World situation worrying, but India will swim against tide

New Delhi June 30:

Prime Minister Manmohan Singh expressed worry over the political uncertainty in West Asia and North Africa and also the world economic scene and called for pooling in all energy and strengthening the cohesiveness of the polity to swim against the hostile global environment.

"What is happening in the Middle East is of direct concern to us. Apart from the fact that we have six million Indians working in the Middle East nearly 70 per cent of our oil supplies come from the countries of the Gulf and North Africa," the Prime Minister said in an interaction with senior editors here. "What turn these events will take nobody knows," he said. Dr Singh described the situation on the international front as not positive.

He pointed out that global economic recovery was fragile, and even the United States growth rate was faltering, while in Europe it was the sovereign debt crisis, the problem of the Greek crisis and whether the Euro-zone will survive or not. If it will not survive it will be a major institutional collapse, he warned. "So we have to swim against this adverse tide and therefore India requires all the energy and all the cohesiveness of our polity to swim against these tides and come out victorious," the Prime Minister said.

He expressed the confidence that India was capable of tiding over these crises, pointing out that in 2008 when most people believed that India's financial system would also be a victim of the global financial crisis, the country put in place correctives and managed to retain a growth rate of seven per cent and next year it was back to eight to 8.5 per cent. "We must have the vision, the ability and the determination to prosper even when the world environment is hostile," he said.

Old 30-Jun-2011
Re: World situation worrying, but India will swim against ti

Collapse in euro-zone might not affect India much, but crash in US will affect directly as well as indirectly.
Leftists/commies will also become more powerful.
But it might turn up good for India, as it always needs a common enemy to keep India united. Till now it is Pakistan, in future it might be commies

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