Ashok Hinduja, the chairman of the Hinduja Group, has said that India is the “best bet” in the world economy.
Looking at the big picture, we now focus on India as an emerging market, Ashok Hinduja said while emphasizing “We see a recession coming in the US, a recession coming in the UK, in Europe, problems in China, and a problem in Southeast Asia due to the fear of China-Taiwan.” He was being interviewed on CNBC.
While he envisages recession in the world’s largest economies, he is optimistic about India and calls it “the very great emerging, fast-moving market.”
The Chairman of the conglomerate also said that India is politically stable. He praised Prime Minister Narendra Modi for doing a good job with regard to international relations.
“All the credit goes to our prime minister,” he said. “In the current situation, he has handled relations with the US, with Europe, with Russia, and with China. There were problems with China, but he has handled them well, so they are under control.”
Hinduja also said that rising interest rates and the possibility of a US recession will have an effect on India, but that the effect will be somewhat limited. He pointed out that US and European stock markets are down this year, but Indian stocks have been more stable.