India slams US statement on investment climate

NEW DELHI - India Monday outright rejected US President Barack Obama's claims that the investment climate in this country is "deteriorating", saying he's not properly informed about India's strong economic fundamentals.

"Certain international lobbies like Vodafone are spreading this kind of a story and Obama was not properly informed about the things that are happening, particularly when India's economic fundamentals are strong," Indian Corporate Affairs Minister M. Veerappa Moily told media.

The Minister also said that there was no crisis in India, whereas the US faced economic crisis not only once, but twice in 2008 and 2010, adding that certain international lobbies have been spreading misinformation about India's economic scenario.

President Obama had this weekend said: "In too many sectors, like retail, India limits or prohibits foreign investment that is necessary to create jobs in both  countries."