No need to be gloomy, India's economic fundamentals good: Tata

Differing with some of the leadingcorporate voices against perceived policy paralysis in the government,industrialist Ratan Tata on Thursday said there is no need to be pessimisticbecause of the global uncertainties as India's economic fundamentals arestrong.

"We must stop pessimism...India's (economic) fundamentals arecorrect and we should be striving for retaining growth rate," Tata said.

His comments come within days of Indian Prime MinisterManmohan Singh hitting out at industry leaders for their "negativecomments" on the government policies. Singh had said that such remarks hadadded to the uncertainty.

Amidst the talk of policy paralysis in the government, thePrime Minister had asserted that the government was committed to creating agrowth-oriented economic environment.

"I must confess that it is a little disappointing tosometimes hear negative comments emanating from our business leadership or betold that government's policies are causing slowdown and pessimism in theindustrial sector.

"Such comments have added to uncertainty and haveemboldened those who have no stake in our economic growth," Singh had saidat the meeting of the PM Council of Trade and Industry.

When asked what steps the government should take to improvesentiments, Tata suggested that it (government) must look at acceleratingexpenditure and create jobs which was slowing down partly due to the fiscalpolicy and late decision taken by various ministries.

"...If we focus on infrastructure it will be good notonly for today but in the future as well," he said.