India is the ‘best bet’ in the global economy

Hinduja Corporation: The world is now looking to India for production

India’s president of Hinduja Group said he is optimistic about India, which he calls “a great fast-growing, emerging market.”

Speaking to CNBC on Thursday, Ashok Hinduja explained: “We see a recession coming in the US, recession coming in the UK, in Europe, problems in China, [a] problems in Southeast Asia under the fear of China-Taiwan. So looking at the big picture, we focus on [on] India is an emerging market. “

The Hinduja Group is headquartered in India although it owns businesses in many industrial sectors and has a presence in nearly 40 countries, including the United Kingdom, Switzerland and the United States.

Its core business is Ashok Leyland, one of India’s leading commercial vehicle manufacturers.

“Politically, India has stabilized very well,” the chairman told CNBC’s Tanvir Gill.

“Credit to our prime minister,” he said, referring to the Prime Minister Narendra Modi. “He’s handled, in the current situation, relations with the US, with Europe, with Russia, with China – although there were problems with China, he handled it well, it is under control.”

Tensions between India and China increased sharply in 2020 after their militaries clashed at their shared border and remained tense. More recently, Western countries have criticized India for increasing its purchases of Russian oil as its invasion of Ukraine is in full swing.

Workers unload goods from a truck at the main market in Gandhidham, India. Ashok Hinduja, President of Hinduja Group, India, said India is a great market and the “best bet” in the global economy.

Prashanth Vishwanathan | Bloomberg | beautiful pictures

When asked if rising interest rates and the risk of a recession in the US would affect India, Hinduja said the impact would be somewhat limited.

He pointed out that US and European stock markets are lower this year, while Indian stocks are more resilient.

The S&P 500 and European pan Stoxx 600 are all down more than 17% this year. Of India Nifty 50 about 1% increase.

Economic growth fell

Foreign investment

According to a report by the Indian Ministry of Finance, the country received $17.3 billion in foreign direct investment in the first quarter, this puts it ahead of its emerging peers Indonesia and Argentina, but behind countries including Brazil and Mexico.

China’s foreign direct investment is lower than India’s at $101.9 billion year-on-year, the report said.

In the second quarter, India’s foreign investment fell to $16.1 billion, the ministry said.

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