Zee Media Bureau
New Delhi: Country's strong macro-economic fundamentals will help it withstand the Brexit fallout, although companies having exposure to the UK need to realign their strategies to stave off the negative impact on their businesses, India Inc said on Friday.
Here's what the top business people in India think about Brexit.
Arundhati Bhattacharya, State Bank of India Chairperson
As risk aversion sets in, there would be a decline in financial markets and India would see this impact along with other nations. But as trade strategies are reworked there could be potential advantages in the form of better market access for India to the EU and Britain.
Kiran Mazumdar-Shaw, Biocon CMD
It has opened up a Pandora's box of grave uncertainties. Will Euro remain intact or will we see others exit? What will be the impact on the Euro itself? Will it devalue and to what extent? How will India's bilateral trade with UK and Europe be impacted?
V S Parthasarathy, Mahindra Group CFO
The impact on India and Indian industries will not be significant. No impact on M&M Ltd, the impact on Mahindra Group will be muted. As a group, our 'resilience' will stand us in good stead and we are poised to take advantage of any opportunities that may emerge.
Chandrajit Banerjee, CII Director General
The fundamentals of the Indian economy are strong and it would be able to withstand the short-term issues that Brexit may create.
D S Rawat, Assocham Secretary General
Since India has a huge corporate investment in the UK economy, Indian firms with manufacturing or other facilities in Britain will have to realign their business plans. With the UK voting to leave the EU, Indian companies will re-engineer their European strategy.
Naushad Forbes, CII President
This should not be an issue. India will not be affected due to Brexit if we look at a mid to long term perspective
Sunil Kumar Sinha Principal, Economist at India Ratings & Research
The Indian corporates having exposure to Europe/UK either through trade or if their production units are located there, would be adversely impacted.