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However, on the cautious side a study has been initiated in his Ministry to assess the impact of US slowdown on the Indian economy.
"It will take a fortnight to do an assessment of what it means to India," he said.
Earlier, the US was the most attractive investment destination for funds from the Middle East and Russia. "All this is changing... India is becoming an important parking lot for investments," Nath said, adding gloomier the US outlook, better it was for India from an investment point of view.
"We must ensure we do not get psyched into the sentimentality of the US downturn. It should not psyche India into pessimism or into an economic impact here," Nath said.
He said the fundamentals of the Indian economy remained strong "but a fine calibration is required to ensure that the momentum continues despite the gloomy economic outlook globally".
Nath said the country's GDP would grow by more than nine per cent in 2007-08 when asked whether he shared the optimism of Finance Minister P Chidambaram. "I agree with the Finance Minister. It (GDP growth) could be higher than nine per cent," he said.
But Nath agreed that the country needs to manage the dangers of overflow of overseas funds, which through impact on rupee, have been affecting the country's exports.
Nath said though the global economy had an impact on exports, the government has not revised the target of 160 billion dollars for the current fiscal.
"It is looking, may be, tough to achieve the target. But I am not revising the target. For the time being, I am sticking to it," he said.
Nath said even if targets were not met, exports would still grow by 20 per cent over last year.
"If we had not reached it (target), no heavens would fall. The fact is we are still ahead, let's face the fact," he said.
With less than 20 per cent share of the Gross Domestic Product, the one trillion dollar Indian economy is pre-dominantly driven by the domestic consumption, which in turn is getting a boost from over eight per cent rise in per capita income.
Hi all of you good evening
KAMAL NATH THE FOOL, HOW MANY TIMES HE HAS TO SAY THE SAME THING OVER AND OVER AGAIN? YES WE ALL KNOW, ANY ECONOMICAL SETBACK FOR THE WEST IS A GAIN FOR ANY ASIAN COUNTRY NOT JUST INDIA, PLEASE STOP MAKING SUCH STUPID STATEMENTS, INSTEAD TRY TO BUILD INFRASTRUCTURES, AND KEEP INDIA CLEAN, WELL AT LEAST DELHI, WHICH IS NOT FIT FOR ANY HUMANS TO LIVE IN
What a foolish hope!Kamal Nath is living ina FOOL'S PARADISE or he is a TRAITOR!The International Bankers(the front of Bilderberg,CFR and Trilateral Commission)have usurped POWER,in the USA,and they are deliberately wrecking the US Economy,to create a scenario,similar to 1929,and buy properties,from the bankrupt Nations,people and Businesses.The US FED is THEIR private bank,and is their FRONT.They don't care for anybody including the US Citizens,but for themselves(the ELITES,the Neo-Cons).The web is full of articles regarding this. (The present DEAD and ABORTED deal with its Hyde Act,is for usurping POWER in India,by these International Bankers) They will wreck India's economy too,to:-1.Economically control us2.Control, our FOOD SUPPLY.The SEZs and the Real esates are for this.The rockefeller brothers,hatched a Conspiracy,in the 50s of the last century,to have GLOBAL "FOOD" HEGERMONY.That Global Domination in Agri Business.this is what the MNCs,Monsanto and Cargill are,doing,with their GM seeds and Foods.Possibly CLONED MEAT,too.USFDA is also a culprit,reportedly
Kamal Nath is known for his low IQ, that's why he joined Congress. If US economy goes down the rest of the world will go down with it. A ten year old child knows it but not Kamal Nath or Congress. Just look who is Congress Chief.
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