Zakaria: But you see domestic demand as being strong enough to keep things going at a reasonable growth rate.
Tata: Yes, I do. And mind you, we don't have toxic paper. We don't have subprime and mortgage problems.
The issue is that money had been drawn out of the economy to combat inflation. And if we can live with a slightly higher inflation, it is my probably uneducated view that we can reinvigorate the economy.
The global -- I mean, the domestic demand is quite strong. What is happening now is that there is no credit in the market, and whatever there is, is at very, very high interest rates.
Zakaria: And if you had a message to the world, who have witnessed all this and seen your hotel -- the hotel that your great-grandfather built -- go up in flames, what would it be?
Tata: I think my message would be that this has been a terrible blow to us, but we will, in fact, overcome the challenges that are ahead.
It has not, in fact, diminished our commitment to go ahead with what we had in our minds, and that we will rebuild what has been damaged or destroyed, and that we will only come out stronger and, in fact, more determined than we were before this very unfortunate event took place.
Zakaria: Mr Tata, our condolences to all your staff.
Tata: We will not be defeated.
Image: National Security Guard (NSG) personnel pay tribute during a funeral ceremony for NSG commando Gajendra Singh at an NSG camp in New Delhi on November 29, 2008, after his death in action during the Mumbai terror strikes. | Photograph: Manpreet Romana/AFP/Getty Images
Also read: The subprime wolves are back!
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