10th July 2015 : VIA Economic & Finance Forum :
Talk On “Analysis Of The Greek Crisis & Its Impact On India” :
CA Dr. Tejinder Singh Rawal said that the crisis of Greece should act as a reminder to India that it should rethink on its policies of Growth more particularly on corruption policies, GDP to Debt Ratio, Tax to GDP ratio. Though a small economy, Greece economy collapses have wide repercussion. He started his presentation with background of Greece since Alexander to the present scenario. Justifying his views, he said that Greece depended too much on external borrowings to stabilise its economy and failed in the process. Further, India cannot expect to be isolated from the crisis despite claims to the contrary. India’s software and engineering exports may take a hit and the country may also face larger capital outflows. He added India cannot be directly affected by the crisis in Greece because the two countries’ trade volume is relatively low but will have reasons to worry if the crisis spreads across Europe. For “Make in India” to succeed, Prime Minister Modi’s govt would have to make many policy changes, strengthen the banking system, plug the corruption, create a more efficient tax regime and strengthen the purchasing power of average Indian consumer.