The Indian economy is poised for better times ahead even in the midst of the global turmoil. The favorable factors are many. The crude oil prices are at all time low and India imports over 70% of crude oil and related products every year. The Indian IT Industry is growing in dominance and it is likely to grow faster in the downturn, if you look at historical evidence. And India will start producing more natural gas and crude oil locally from next month onwards which will save precious foreign exchange, aiding to the strength of Indian rupee. The Indian companies depend mostly on local demand which continues to be very robust. And finally, the much feared inflation is under control and might even go below the central bank target of 5% in coming months, paving way for steep interest rate cuts. So India can cherish of overtaking China as the fastest growing economy in 2009. WHEN THE GOING GETS TOUGH, TOUCH GETS GOING.
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