It was very refreshing to listen to Dr Arvind Virmani, Chief Economic Advisor to the Finance Minister of India yesterday, 6 th August 2008 at Hotel ITC Fortune on Cunningham Road, Bangalore, arranged by CII, Confederation of Indian Industry.
Delivering the talk Dr. Arvind Virmani was very upbeat about the economy. In spite of the hiccups now and then, the economy will grow at 8 % + this yer and the years to come. The global oil price increase was just a temporary phenomenon ( the prices have crashed by about $32 to $ 118 to a barrel in the past three days globally)
He was frank enough to point out that this growth is being triggered by the infrastructure growth in Manufacturing, almost 38 % increase in infrastructure investments in manufacturing. Private Infrastructure development investments is also increasing.
In spite of the high rates of inflation in the country ( it is a global phenomenon not only Indian) , which will fall down, the country will see further growth and development, led by manufacturing.