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Business EconomyPosted at: Jun 24 2016 2:48PM


Brexit fall-out: India must build firewalls by domestic reforms, says ASSOCHAM

Mumbai, Jun 24 (UNI) Industry Apex body, The Associated Chambers of
Commerce of India (ASSOCHAM) said that Britain's exit from the
European Union (EU), as decided by its people, has come about as a
shocker not only for global financial markets but also the political
leaders across the world, throwing a huge amount of uncertainty as
to which way the economic winds would blow.
''India is relatively safe thanks to its macroeconomic stability
reflected by low current account deficit, comfortable foreign
exchange reserves and improved GDP prospects with advancing Monsoon.
However, given the heightened global risks emerging from today's
event, it is time India further buffeted its domestic firewall by
moving ahead with the GST Bill and other important reforms so that
we remain as the most credible destination for global funds" the
ASSOCHAM Secretary General Mr D S Rawat said.
He said, however, since India has a huge corporate investment in the
UK economy, the Indian firms with manufacturing or other facilities
in Britain will have to re-align their business plans, depending on
the terms of negotiations, hopefully for smooth exit of UK from the
European Union.
Besides, India must also rework its trade and investment strategy
for the EU in the changed circumstances and position itself as the
best partner to both UK and the rest of Europe, not at the cost of
the other.
In the short term, it is time to be watchful particularly with
respect to the currency markets which RBI is expected to be watching
proactively. As for the equity and debt markets, the best defence
for India would be to move fast on domestic reforms to be able to
provide a safe haven for the panicky global investors, Mr Rawat
said.
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