MUMBAI, May 7: India offers one of most rewarding opportunities for growth in spite of recessionary conditions in the United States, wealth management group Merrill Lynch chief executive John Thain said on Wednesday.

“I do not believe in the ‘decoupling’ theory but India, led by strong local demand, will be relatively less affected by the global credit crisis,” Thain told reporters here.

India, which is Asia’s second fastest growing economy, is forecast to grow by more than eight per cent in the year to March 2009.

“Despite investment risks which prevail across various markets, India offers one of the best opportunities for growth,” Thain said.

“Continuation of rising food and energy prices, lower housing prices and higher unemployment will result in a pull-back from US consumers,” Thain said.—AFP