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StatesPosted at: Oct 11 2018 3:16PM Share

Rising fuel, slump of rupee cause for concern:Expert

Kolkata, Oct 11 (UNI) Rising fuel prices and slump of the rupee are among a host of reasons for the 'crisis-like' situation of the Indian economy.
This view emerged during an interactive session organised by the Bengal Chamber of Commerce and Industry and The Economic Affairs Committee on "Current Economic Realities" here yesterday. The aim was to understand and discuss where the Indian economy was heading.

'The main causes of the crisis like situation are prices of diesel and petrol increase. The price of U.S. dollars in terms of the Indian rupee has gone up and also the stock markets have exhibited a downturn. The BSE 200 from September 10 to October 8 has depreciated by 11 per cent in one month,' opined Prof. Abhirup Sarkar, Professor of Economics, ISI and Chairman WBIDFC.
The BSE 500 in the same period has gone down by 9 oer cent. Also there has been a huge outflow of FII (Foreign Institutional Investments) from Indian stock markets, he explained.
'Also between October 2017 and August 2018 there was a net inflow of 16,355 crores in equity markets. Between September 1 and October 5 this year there is a net outflow of 20000 crores. What one needs to understand is that whether the crisis is due to internal factors or external ones. A few international events have been a major influence-the price of crude oil has increased,' he pointed out.
'The freight has increased its interest rate from 1.5 per cent in January to 2.25 per cent at present and it is expected to rise further. Also there was a heavy depreciation of the Turkish currency. Problems like rising fuel price are going to take a toll on medium term and long term growth of the economy,' Prof. Sarkar said.
'Higher oil prices and higher dollar will increase costs of imports and exports. Depressed stock market will make it harder to raise funds for investments. So all these events will affect the economy and we should be concerned,' he cautioned.

'The forum's objective is to bring together experts from different sections of the society to discuss and dissect the current economic realities faced by the country viz-a-viz the global scenario with special focus on its impact in the Indian Economy,' Mr Sunil Mitra, former Revenue and Finance Secretary, Government of India and Chairperson, Economic Affairs Committee, The Bengal Chamber of Commerce and Industry, stated.
Among other eminent speakers were Mr. Ambarish Dasgupta, Founder and Senior Partner, Intueri Consulting LLP, Mr. Subir Chakraborty, Director-Automotive, Exide Industries Limited, Ms.Chand Tulal Mazumdar, Head-Policy, India and South Asia, UBER India Systems Pvt. Ltd, Prof. Anup Sinha, Economist and Director, Heritage Business School.
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