New Delhi: Financial crisis is looming around the world amid instability in the banking system. Investment banker Credit Suisse has secured $51 billion to allay investor fears amid volatility in international financial markets. Earlier, the US authorities had shut down two big banks, Silicon Valley Bank and Signature Bank, after it was observed that there was massive withdrawal of deposits. These events have triggered mega ripples in financial markets around the world with major index tanks including S&P 500, Asian Stock Market, European Stock Market.
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The Indian stock market, Sensex and Nifty witnessed major losses in the intra-trade session on Thursday with NSE Nifty falling over 17000 points. The threat of global turmoil is spilling over to Indian and markets will remain volatile.
However, Indian business leaders are confident of India’s ability to face global challenges and rise to the occasion. Uday Kotak, CEO, Kotak Mahindra Bank, said, “Even as global turmoil continues in financial markets, macro factors are turning better for India”. He believed that if India walked its word and navigated well, it could stand out in this turmoil. He further said, “The current account deficit looks to be below 2.5% (FY) 2023 and going below 2% in 24 (FY).
Even as global turmoil continues in financial markets, macro factors are turning better for India. Current account deficit going down to below 2.5% in FY23 and below 2% in FY24. Less oil helps. If we walk our talk and navigate well, India can stand out in this turmoil. — Uday Kotak (@udaykotak) March 16, 2023
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Anand Mahindra shared a picture on global financial turmoil
Mahindra Group Chairman Anand Mahindra shared the picture in which a man is seen praying to the deities in a small, remote temple under a hilltop crop. A leopard sitting on a hill was watching the plains in front of him. The leopard may have been unaware of the person being there.
Why does this remind me of the world’s banking system at the moment?? pic.twitter.com/rbJFFPvGWw— anand mahindra (@anandmahindra) March 16, 2023
Mahindra asked why this reminded him of the world’s banking system at that time.