Forget gloom, Indian economy is strong: Tata

Differing with some of the leading corporate voices against perceived policy paralysis in the government, industrialist Ratan Tata on Thursday said there is no need to be pessimistic because of the global uncertainties as India's economic fundamentals are strong.

...

"We must stop pessimism...India's (economic) fundamentals are correct and we should be striving for retaining growth rate," Tata told reporters.

His comments come within days of Prime Minister Manmohan Singh hitting out at industry leaders for their "negative comments" on the government policies. Singh had said that such remarks had added to the uncertainty.

...

Amidst the talk of policy paralysis in the government, the Prime Minister had asserted that the government was committed to creating a growth-oriented economic environment.

"I must confess that it is a little disappointing to sometimes hear negative comments emanating from our business leadership or be told that government's policies are causing slowdown and pessimism in the industrial sector.

...

"Such comments have added to uncertainty and have emboldened those who have no stake in our economic growth," Singh had said at the meeting of the PM Council of Trade and Industry.

...

When asked what steps the government should take to improve sentiments, Tata suggested that it (government) must look at accelerating expenditure and create jobs which was slowing down partly due to the fiscal policy and late decision taken by various ministries.

"...If we focus on infrastructure it will be good not only for today but in the future as well," he said.