India ripe for investment despite recession

September 25, 4:09 PMDC World News ExaminerIbtihal Ahmed

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Prime Minister Manmohan Singh of India

 Ibtihal Ahmed

NEW DELH---Although India has fallen prey to the global recession that has plagued many businesses in an outside the country, the country is believed to be having an edge over other economies.

Indian Prime Minister Manmohan Singh believes that it is solely the responsibility of the Indian Congress Party to tackle the recession issue because of the expertise that the body has on this particular problem.

”In this time of economic recession, you need a government who has the experience to tackle with such situations." Says Singh.

He added: "Because of the UPA Government’s policies, recession has not affected India as much as to other countries. Only the Congress Government has the ability and experience to deal with economic recession,”

A recession is a decline in a country's gross domestic product (GDP) growth for two or more consecutive quarters of a year. A recession is also preceded by several quarters of slowing down.

India’s  economy is likely to lose between 1 to 2 percentage points in GDP growth in the next fiscal year. Nonetheless, officials believe that those numbers shouldn’t be a major source of concern because India is still considered a hot spot for investment