Latin America offers unprecedented opportunities for Indian businesses to explore, says R Viswanathan
Aconfident and optimistic Latin America is embarking on a growth decade. The region’s markets have undergone a paradigm shift in the past two decades, emerging decisively from the twin curses of instability and cycles of boom and bust that had plagued many countries.
As a result macroeconomic fundamentals have become more resilient and less vulnerable to external shocks. This is evident from the manner in which Latin America has withstood the global crisis, growing by an impressive 6% in 2010. GDP growth in 2011 is projected to be more than 4%.
There has been a fundamental change in the mindset of Latin American policy makers, who have become more pragmatic and pursue balanced, pro-business policies of inclusive development. In doing so, they are following the model adopted by Luiz Inacio Lula da Silva, Brazil’s popular president who stepped down at the start of this year.
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R Viswanathan is India’s ambassador in Buenos Aires. The views expressed are personal and do not reflect those of the government of India.
