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As software companies move up in the value chain, India is set to become a global leader in technology services. On the other hand weak dollar has hurt the US economic recovery, says the Chairman and CEO of Forbes.

"You have to make the distinction between pumping in money in immediate emergency response to the near collapse of the financial system and when the immediate crisis is over," Steve Forbes, 62, said, when asked what he made of the US government's response to the worst global economic crisis since the Great Depression.

“Number of mistakes made by the US government has slowed the recovery of economy. They've not reduced taxes ... in terms of the dollar, they have not stabilized the dollar. They've weakened the dollar which hurts business investments, hurts the flow of capital and small businesses,” he said

"So the government is prolonging the crisis - we should have had a strong recovery instead," Forbes said, adding that not enough was being done for job creation.

He also said that ‘ Economic growth in India proved that the country is able to handle the crisis very well’. On the other hand he said that the government of India would have to work hard in order to make the economy grow further.

The Indian economy rose 6.7 per cent in 2008/09, while it is expected to rise 6 per cent in the current fiscal year.

"India should continue the liberalization that began in 1991, including simplifying the tax code and reducing tax rates, and allowing more overseas investments into India," he said.