New Delhi: The financial crisis looms over the world amid the instability in the banking system. Investment banker Credit Suisse has secured $51 Billion in order to thaw investors’ fear amid the instability in the international financial market. Earlier, US authorities shut down two big banks the Silicon Valley Bank and Signature bank after seeing the mass pull out of deposits. The events have triggered mega ripples in the financial market across the world with major indices tank including S&P 500, Asian Stock Market, European Stock Market, more.
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Indian stock market, Sensex and Nifty have seen the major downfall with NSE Nifty downs from 17000 points in the intra-trade session on Thursday. The threat of global turmoil spilling over Indian is prominent and Market will remain volatile.
However, Indian business leaders are confident over India’s potentiality to face the global challenges and stand out in this turbulence. Kotak Mahindra bank CEO, Uday Kotak, said “even as the global turnmoil continues in financial markets, the macro factors are turning better for India”. He believed that if India walks its talk and navigate well, It can stand out in this turbulence. He further said “current account deficit looks below 2.5% (fiscal year) 2023 and going below 2% in (fiscal year) 24.
Even as the global turmoil continues in financial markets, the macro factors are turning better for India. Current account deficit looks below 2.5% Fy 23, and going below 2% in Fy 24. Lower oil helps. If we walk our talk and navigate well, India can stand out in this turbulence.
— Uday Kotak (@udaykotak) March 16, 2023
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Anand Mahindra shared a picture over global financial turmoil
Mahindra group chairman Anand Mahindra has shared the picture in which a person appeared to pray to the gods in a small, remote temple under the protruding hill crop. A leopard perched on the hill looking over the plains before it. It might be possible that the leopard might have been unaware about the person there.
Why does this remind me of the world’s banking system at this point in time?? pic.twitter.com/rbJFFPvGWw— anand mahindra (@anandmahindra) March 16, 2023
Mahindra asked why this reminded him of the world’s banking system at that point in time.