Business For All - September 2015

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Black Monday hit India hard. Really hard. The country’s benchmark index, Sensex, saw its biggest-ever intra-day fall in absolute terms, convulsed by the meltdown in China’s stock market on 24 August .

The bloodbath has somewhat abated, with most equity markets across the world now recovering. How can we gauge the impact of China’s crisis and the volatility in global financial markets on India.

A slowdown in the Chinese economy isn’t a terrible event when we consider that our Prime Minister is trying to attract manufacturers with his Make in India pitch. We are already witnessing that with big investments from the likes of Foxconn and others. Among emerging markets, India is still a happy story.

If India can continue to pursue economic reforms and boost infrastructure investment, it has the potential to grow at seven to eight percent per year for a sustained period. India could well assume the mantle of being the fastest growing BRICS economy over the medium to long term, which would make it a very attractive destination for multinationals keen to tap the fast-growing Indian consumer market to invest in new factories and plants.