'India most attractive market for investment'

Black Monday's chilling global financial meltdown, despite the overall gloom and initial impact
on the stock markets, has a golden upside for India by helping renew its tarnished India shining story.
"There is no cause for panic as a result of this temporary movement in the capital market as FII's pull out
money to replenish their funds overseas. India will be the most attractive market for investment in the next
five years", says Dr Amit Mitra, secretary general, Ficci.
"FDI inflows will be unaffected as India is the market of the future. Since we do not allow full capital
account convertability, insecure investors cannot flee to other markets, which means we are well insulated
from this global financial shock", he says.
Agrees, C Banerjee, director general, CII. "India is a stable economy. FII outflow is just a temporary
phenomenon. It will come back in 3-4 months and India's growth story will be renewed," he says.
"Short term impact is expected, but I do not see long term impact allthough we are not decoupled from the
global economies", says Jairaj Purandare, leader-markets & industries, PricewaterhouseCoopers.
However, he does warn of weak sentiment affecting corporate results. "But India stands out as a more
attractive market in this crisis," he adds.