Global economic recession that had affected the world "will soon be a forgotten word, at least in India," renowned industrialist N B Godrej said.
Speaking to reporters, Godrej Industries Managing Director said, "I think so, at least in India" recession would be a forgotten word.
Some are worried that there could be problems in the rest of the world if there is another crisis like Dubai and some other country going bankrupt, Godrej said. "My feeling is that it (Dubai debt crisis) is already blown over. It is no longer a crisis," he said.
He touched upon a range of subjects from economic growth to inflation to Satyam fraud.
On higher-than-expected GDP growth he said, "...growth in most sectors is quiet. The only sector that have been badly affected are the export dependent sectors, particularly textile exports."
Attributing the expansion in economy partly to high government spending, he said, most sectors are doing well now.
Poor agricultural performance will result in severe food inflation, but will not spill over to other sectors, he said.
On food security, he said, "We are going to have a bad time because we can do nothing immediately. There will be some relief only when the rabi crops come in, during April-May... if we have a good monsoon."
He applauded the handling of the Satyam case by the government. "They were able to sell off the company to solid group like the Mahindras and now Satyam looks like recovered,"
On carbon tax, he said, it will not affect the services sector, it could affect our manufacturing sector but of course they could try to become more efficient and there is always scope for more efficiency.
To a query on low prices for coconut oil, he said the prices was artificially high earlier, until the government reduced the duty on palmolein very quickly from 80 per cent to zero per cent.
"I actually feel that the government should not have made the palmolein duty zero. But because they were concerned about inflation they did that," he said.
