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Will India Take Advantage of the Greece Fiasco?

by Khan Faisal Mushtaq

posted in News and Society

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Finally, after five years of bailouts the Greek economy succumbed to debts and insolvency. The pyramids of Greece's economy toppled down and its allies like Germany and France are bearing the brunt. Will the European debacle also affects the Indian Economy? It is the hottest topic among economists, policy makers, academicians and investors who are curiously examining the current scenario. Majority is positive and fearless, they are quite sure that Mummy's will not going to haunt us, if they return, then of course they will prey the European Union only. The share of the Hellenic Republic in India's total export is just 1.14 per cent and the import is as low as 0.03 per cent. Greece has never been a potential trade partner for India, unlike the US, Japan, China and UAE. But, in the era of globalisation where economies are directly or indirectly interdependent, a benign threat is always imminent.
Bourses all over the Europe and Asia noticed the Greek crisis and Indian stock market too, suffered a light blow with the counterparts, China, Japan, South Korea, Hong Kong, Taiwan and Singapore. It is the impact of dynamic ecosystem, investor sentiments affect the market and slight negativity is obvious. However, people have a firm belief in the strong foundation of the Indian economy, which successfully weathered the global economic recession of 2008. If the situation worsens in the Europe, then the rupee may depreciate a bit and the stock markets in India may experience a declining trend for a short duration, but no one foresees any contingency or disaster.
According to Mr. Kislay Pandey - Corporate Lawyer, Supreme Court of India, "Ours is world's third largest economy in terms of purchasing power parity. We have a strong foundation and both manufacturing and service sectors are performing beyond expectations in the current financial year. Rather than getting panic, we should discover opportunities in the crisis and should take appropriate measures to boost the domestic demand." Contrary to this, Aditi Nayar, senior economist at ICRA says "If the contagion spreads to emerging markets, India's financial markets may take a knock. If rising risk aversion leads to a flight to safety and causes substantial portfolio outflows, that would impact exchange rates."
A majority of experts believe that the appreciation of the US dollar and a further slowdown in the European market would eventually result in the fall of commodity prices and no doubt it can be reckoned an opportunity for growing Asian economies like India. Moreover, it is an ideal time for Indian MNCs to venture in profitable mergers and acquisitions because Indian investors can avail this crisis, making some good deals with the local businesses. All in All, it is a tough time for Greece as the country is going to exit the EU, but will India take it as an opportunity or not is depend on our vision and policies. Let's wait and think positive.
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