India Has The Resilience To Resist Global Slowdown
Indian economy with its indigenous manufacturing capacity and market demand has the resilience to withstand the global economic slowdown, observed a team of researchers from United Kingdom. A team of four researchers, Neil Mclnroy, Daniel Cox, Jennifer and David Southworth from Norfolk Charitable Trust in UK are on a tour of six countries namely USA, Poland, Mexico, Vietnam, Japan and India. The team is scheduled to visit Vietnam and Japan after touring India. The objective of the research was to ascertain the role of local Governments in supporting the local economy and social growth.The choice of countries was based on the growing economies and not on popular tourist destinations or fancy locations. Chennai and Coimbatore were chosen for their research. The purpose of the study was to find out the function of Local Governments in extending support and regulatory mechanisms for ensuring the growth and the overall results. When asked about their assessment on whether the slowdown of global economy would hamper India’s economic stability, the researchers said that India has adequate local capital equity, safe borrowing and lending rates and as a nation it had enough wealth. India also has an indigenous local market demand for its products, they added. Unlike other developing countries, India was not largely dependent on popular funds from European Union or developed countries. The researchers also said that Coimbatore was a self-made city and the high level of skills, education and entrepreneurship had led to the success of private industries.
When the researchers began their tour, the economic climate was different and with the slowdown in the economy, the parameters for survey have been amended and as such the study criterions were flexible. As the pattern of Governance differed from country to country, the survey would take those factors into consideration especially the blend of roles played by Government, Private, Community and Society, they added. The survey would also take into account the formal and informal governance involved in economic and social development.
