“India’s Economy Will Likely Withstand Terror Attacks”
In a November 28 article in Bloomberg, Booz & Company Partner Jai Sinha (Asia) was among several business leaders who predicted the India’s economy will withstand the effects of the recent terror attacks in Mumbai, particularly as rising incomes and record harvests boost consumer spending. “There is a lot of money to be reinvested back into the economy,” said Sinha, who is co-head for the firm’s business in India. “There is no doom and gloom over India.” India’s Finance Minister Palaniappan Chidambaram expected India’s growth to rebound to 9 percent from as low as 7 percent in 2008, even as a global recession spreads. Asia’s third-largest economy expanded more than expected last quarter as consumer spending held up and investments increased, a recent government report showed.