NEW DELHI: Barely a week after the plunge in GDP growth to a nine-year low of 6.5% in 2011-12 delivered a shock, a small but growing number of voices feel the pessimism is overdone.

At least three global banks will hold investor conferences in Europe over the next few months to highlight India's potential."We believe the India story is still intact and a few decisions will not stop inflows. In the wake of uncertainty in Europe, a GDP better than the most, we feel investors will park funds in a safe and attractive proposition - India," BNP Securities has written to the Finance Ministry.BNP Paribas has finance ministry participation in its road show in Europe.Bank of America Merrill Lynch and HSBC are also planning similar shows, perhaps to ensure that investors cash-in on the opportunity that may have presented itself in form of the current crisis."Crisis gives you an opportunity and if you miss it you do it at your own peril," said Thomas Mathew, joint secretary (capital markets) in the finance ministry, adding that most global banks found the India story attractive enough and were willing to sell it to investors.Most analysts now say stocks are attractively valued for long-term investors and a lot of money would have rushed in but for concerns over Europe.The Sensex, according to current earning estimates, is trading at a multiple of 13 times earnings for the current year, against a long-term average of around 15.The finance ministry is undertaking road shows to market the qualified foreign investor scheme in the Gulf region, undeterred by criticism for policy inaction."The idea is to tell overseas investors about the strength India has and how they can take advantage of it and clear misapprehensions, if any," said R Gopalan, secretary, Department of Economic Affairs.The government also announced on Thursday measures to give a push to the infrastructure sector to pump prime the economy.However, the Manmohan Singh cabinet failed to push through the crucial reform of allowing foreign investment in pensions after putting it on the meeting's agenda.North Block, however, is betting on optimism as they feel India has managed to tide over the global crisis impressively and the measures taken to boost growth will bring it back on the track. The ministry is also hoping for diesel deregulation."The government has to address the deficit if it wants investment to take place," Gopalan said.He said that despite the hostile external environment, India had continued to grow and there were some positive signals like the decline in global crude prices and increase in domestic savings that would favour growth.Wholesale inflation was expected to be around 6-7% in the financial year, leaving room for monetary easing."The sense we are getting from our communication with policymakers in the US and Europe is that the external environment may not deteriorate further and the rupee may not remain at this level and appreciate," he said.Mathew said the negatives had been discounted and this is a good time to hold such an event amidst talks of a third round of quantitative easing.The road shows will be held in Riyadh, Dubai, Muscat and Bahrain and will include one-to-one meetings between investors and officials from RBI, Sebi, Department Of Disinvestment, Revenue And Economic Affairs and Ministry Of External Affairs."We already have queries from many investors in the region and these meetings will help in clearing the air about government measures," Mathew said.