The Financial Express quoted Mr YS Rajan principal advisor to Confederation of Indian Industry as saying that the country's domestic economy was strong enough to deal with the global slowdown.

Mr Rajan, who was here during convocation ceremony of the Punjab Technical Education said that "India's strong point to deal with the meltdown is that the country's economy is not largely dependent on the export and the domestic economy is still strong but needed a boost only."

He however, said that as compared to the situation in 90s, when global economy was in crisis, India's dependence on export has increased comparatively, adding that but since the domestic economy is not dependent on the luxurious products, as the case in United States and other European countries, there was not much threat to the growth of Indian economy, which was expected at the rate of 7% in the current fiscal.

(Sourced from The Financial Express)