A smiling and upbeat MrJeffrey Immelt, Chairman of GE, said here today that “business is good but the mood is bad”. He was referring to the global economic scene.

GE’s infrastructure business could expect a lot of orders from the emerging markets, he told journalists. US companies were cash-rich to the tune of $2 trillion, he pointed out. GE, he said, would be developing its manufacturing facilities in India. He refused to comment on which GE would prefer -- India or China.