Euro crisis not to affect Indian market, say Premji and MittalMay 21st, 2010 - 8:34 pm ICT by ANI
Bangalore, May 21 (ANI): Several Indian industrialists shared WIPRO Chairman Azim Premji’s view that the recent financial crisis experienced by the European Union will have least impact on Indian stock markets and the country’s economy.
Such were the notions expressed by them at the meeting of the Executive Committee of Federation of Indian Chambers of Commerce and Industry (FICCI), which was held at Bangalore on Friday.
Azim Premji chaired one of the sessions of this meeting that was held on the theme ‘Sustainability and Innovations concerning the Indian Industry’.
He said that the monetary crisis in European Union had not affected the projected growth of his company and he hoped it would blow over shortly.
“Greece is the two and a half percent of the entire domestic product of the European Union. Two and a half percent…and its probably what 0.2 percent…0.3 percent of the world GDP,” said Azim Premji, Chairman of WIPRO.
He also spoke about the present currency situation in EU that is benefiting the company and resulted in the softening of the rupee as a better currency.
FICCI president Rajan Bharti Mittal said that there are no serious problems of concern for the Indian corporate bodies.
“I think its very minimal…because, we have also heard the finance minister’s statement…their will be minimal impact…we are hoping that this a only kind of constraint and restricted here and it doesn’t go around in the European Union.
“That will be a huge impact. Today, it will be a marginal persistable impact. I won’t say that there is any major concerns,” said Rajan Bharti Mittal, President of FCCI.
Recently, European leaders had warned that the debt crisis could spread like a bushfire beyond Greece, which prompted a sell-off in stocks and the Euro.
The Euro hovered near four-year lows against the dollar after Germany banned speculators from short-selling government bonds, fanning concerns that the global economic recovery may be derailed.
India’s economy is forecast to expand more than 8 percent this year and corporate earnings have mostly been robust, but the outlook for the stock market has been dented by heavy foreign withdrawals as the Euro zone crisis sparked a flight away from equities. (ANI)
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