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Lakshmi Mittal reaffirms faith in Indian economy

BT Online Bureau     April 30, 2012
Lakshmi N Mittal, the NRI business tycoon , has reaffirmed his confidence in the Indian economy, saying it will continue to grow despite politics over policy paralysis.

Mittal, who had stated in Bhatinda on Saturday that he would not complain of policy paralysis despite slow decision making , said Asia's third largest economy would continue to grow despite politics over policy paralysis.

"India story is definitely not over. We are in the process of continuous growth. India has tremendous potential to grow and we have a momentum to grow," the Chairman of ArcelorMittal - the world's biggest steelmaker - said in New Delhi on Sunday.

Growth in India, he said, had slowed because of economic crisis in the European Union.

"Before 2008 crisis...everyone believed that India is decoupled from global economy. The crisis showed we are not. Clearly, one reason why growth has been slowing in past one-and-half years is European crisis," he said, adding EU crisis was impacting global economy, which, in turn, was affecting growth in India.

The 7-7.5 per cent growth in India was a matter of envy for the world, he said drawing parallel to Brazil, another emerging economy, which was growing at 3-4 per cent only.

"While we should continue to strive for higher growth rate...I think we should not be contended, but I think we should not take it negatively that India growth story is over. There is tremendous potential," he added.

"Whatever may happen in terms of politics, you may call it paralysis, I think the country will continue to grow. I am very positive about it," Mittal added.

with PTI inputs

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