Source Pravda.Ru

Businessmen say New Delhi blasts will not harm Indian economy

Indian business leaders and foreign investors said Monday that weekend blasts in New Delhi that killed 59 people would have little impact on India's surging economy and appeared unlikely to scare off investment. India's stock markets rose sharply Monday, despite the attacks. The 30-share benchmark index of the Bombay Stock Exchange, or Sensex, rose 2.7 percent to close at 7,789 points.

On the rival National Stock Exchange, the 50-stock S&P Nifty ended at 2,371, up 2.4 percent.

Similar terror attacks in the past have led to confrontations between India and Pakistan, and consequently forced foreign investors to back off.

But Pakistan was quick to condemn Saturday's bombings, which ripped through two crowded markets and almost hit a bus, and India has appeared hesitant to point a finger at its nuclear rival or Kashmiri militant groups allegedly based in Pakistan.

"It is early days to say how would the blasts affect India-Pakistan relations, but as of now I don't see much of an impact," said N. Srinivasan, director general of the Confederation of Indian Industry, the country's biggest business association.

Andrew Holland, a Merrill Lynch executive based in Bombay, said terrorist attacks no longer really affect perceptions about a country's business environment.

"Investors have learned to live with it," he said, citing Monday's stock rally.

Foreign investors have been increasingly eyeing the Indian economy, which is growing 7 percent annually, one of the fastest in the world, according to the AP.

Foreigners have this year bought more than US$8 billion (Ђ6.5 billion) worth of Indian stocks, and overseas companies have invested more than half that amount in projects on the ground.

"I don't think bomb blasts are going to affect India's investment climate," said Bob Hoekstra, the chief executive of Philips India Software Center in Bangalore, India's technology hub, where scores of foreign companies have offices and research centers.

"Blasts take place everywhere, in London, in the U.S., in Indonesia, all over. So, it is not an issue particularly for India," Hoekstra said.

"There is good economic growth, stable financial sector, supportive policies and growing demand," all of which will continue to lure foreign companies, he said.

T.E.

Turkish President Erdogan called for a revision of the 1923 Lausanne Treaty, which consolidated the results of the First World War for Turkey in 1923

Turkish President Erdogan issues ultimatum to Washington and Brussels

On December 10, 1948 the Universal Declaration of Human Rights was adopted by the United Nations General Assembly, its thirty articles enshrining basic and fundamental rights guaranteeing dignity of the human person and equality for all, regardless of race, color, creed or gender. A pipe dream?

Human Rights Day: Let us hang our heads in shame
Comments
The need for a Global Political Agenda 2018
New Russian weapons shocked USA three times
USA looking for reason to see nuclear weapons in action
Russia works on MiG-41 doomsday fighter jet
Putin makes first comment on Trump's Jerusalem decision
Putin makes first comment on Trump's Jerusalem decision
Ukrainian politicians and businessmen aim to visit Crimea
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
North Korea declares victory over USA
North Korea declares victory over USA
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
Human Rights Day: Let us hang our heads in shame
Some ideas about North Korea
USA looking for reason to see nuclear weapons in action
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
Putin makes first comment on Trump's Jerusalem decision
Putin makes first comment on Trump's Jerusalem decision