US crisis not to derail India story: Soros

US crisis not to derail India story: Soros
Press Trust of India / New York April 14, 2008
Showering praise on Prime Minister Manmohan Singh-led reform process and Ambani brothers for their contributions to Indian economy, legendary investor George Soros has said that the US financial crisis would not have much impact on the country's growth story.

While dubbing the ongoing global financial crisis as the biggest since the Great Depression of 1930s, George Soros has noted that the dynamic developments being witnessed by economies like India might still not be disrupted.

The billionaire investor has made these observations in his latest book, 'The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means', whose electronic version is currently being sold over Internet and a print edition would be launched on May 19.

Noting there are no grounds for predicting a prolonged period of credit contraction or economic decline in the world, Soros has said there are countervailing forces at work.

"China, India and some oil-producing countries are experiencing dynamic developments which may not be significantly disrupted by the financial crisis and a recession in the United States," he says.

Soros also has words of praise for Prime Minister Manmohan Singh. "The groundwork for economic reforms was laid by the present Prime Minister Manmohan Singh, when he was Finance Minister more than a decade ago, and it took some time for the dynamics of the economy to change," he says.

Recalling his visit to India in late 2006, the renowned investor says that the country's economic growth rate has more than doubled since then. Putting India on a higher trajectory than China in terms of an investment destination, Soros says the rise of Ambani brothers is emerging as the most spectacular one.