We are growing at 7 per cent in a recession year. How do you explain this?
It's not at all surprising because the first half up to September 2008 (of financial year 2008-09) was very good and for the second half (October 2008-March2009) of the year while manufacturing and commodities have taken quite a beating the agri and the services sector still posted decent growths.
We do have a demographic advantage -- we do have a young population and a large workforce that is comprised of these people. So it's not surprising that this year the momentum has held up.
Overall, the economic recession will impact India but much less than how it impacts the rest of the world. Therefore, we will certainly continue to be an interesting economy on all fronts.
Image: A man walks past the ICICI Bank headquarters in Mumbai. | Photograph: Reuters
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