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Talk on “Brexit- the Reality” held

Brexit will not have any major impact on Indian Economy

Indian Economy is predominantly domestic demand driven economy and present in the international trade is hardly about 2%. Moreover our trade with the UK is also not very significant. Therefore the exist of UK from the European Union shall not have any major impact  on it, said Dr. V. Aditya Srinivas, Chief Operating Officer and Chief Economist from the BSE Brokers Forum.

Dr Srinivas was delivering a talk on “BREXIT – The Reality at” in a program organize by VIA to understand the issues arising out of the Brexit. Earlier also in 2008 Indian economy withstood the global financial crisis due its strong domestic economy. The companies which are having substantial trade with UK shall face the music due to uncertainty created by Brexit.

However high volatility is seen in the stock market and currency becoming weaker. The stock market on 24th June came down by 1000 points which was the knee jerk reaction as a result of the BREXIT which the markets had not anticipated. The mood on the Dalal Street was taken with rude shock and FII were sellers in the market.

Demographically India is a young nation; the Government will have to focus more on employment creation at the grass root level by having more manufacturing facilities created. The agriculture sector which gives employment to more than 62 % of the population has to be given full support so that the growth in the agriculture sector rises. The GDP of the country can grow only if the agriculture sector is going at 4 % per annum.

At present capacity utilization in the manufacturing sector is about 72% and more than 25% of the capacity is still unitized. Unless existing capacity is utilized fully, the new investment will not come to India despite liberal FDI policy, opined Dr. Aditay Srinivas.

Earlier, Shri O S Bagdia, Vice President – VIA in his welcome address said that volatility in the currency caused due to Brexit will impact the international trade including India. Dr. Aditya Srinivas with his vast expertise of the capital market and Indian economy may through proper light on the subject. Ms Meghna Jaiswal introduced the speaker and Shri Naresh Jakhotia conducted the program.  Shri Suhas Buddhe, Hon. Secretary – VIA proposed vote of thanks with his closing remark. Prominently present were Shri Girdhari Mantri, Joint Secretary – VIA, Prof. Ashit Sinha, Shri Rohit Agrawal and large number of members from the industry.

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