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Issue No. 48 - August/September 2009

India synopsis

by Ms Sarah Newman

Like the rest of the world, India is suffering economic turmoil but its government is forecasting quick recovery at a pace not much slower than China.

Australia India Business Council Inc (SA) President Ken Meek says good businesses will look beyond this and position themselves to capitalise on India’s enormous growth potential when the good times roll.

“It is confidently forecast that the Asia-Pacific region will lead the world’s recovery. Australia’s strategic location means we are well placed to take advantage of its opportunities,” Ken says. “This means India is an important target market.

“International Monetary Fund forecasts India’s growth to slow to 5.25% in 2009-10, down from a fiveyear average of 8.75%. On the other hand, the Reserve Bank of India has just announced the country’s economy is likely to revive faster than other countries when the recovery starts.

India’s slowdown has hit the financial and manufacturing centres harde...

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