India would be able to withstand the shocks than the rest of the world: Uday Mahindra

New Delhi [India], October 21 (ANI): Kotak Mahindra Group Managing Director and Chief Executive Officer Uday Mahindra on Friday said, "India may see some turbulence coming out of the global volatility scene but would be able to withstand the shocks than the rest of other countries," while wishing everyone a happy Diwali and Samvat 2079.
On Friday, the managing director began by narrating how the world is facing certain volatility with the dollar strengthening and the pound, yen and other currencies depreciating, after the Ukraine crisis.
He said India should be able to get out of this and explained, "Let's see how it plays out. India has to therefore use this time to navigate itself and therefore and focus on its CAD (current account deficit) and really grow domestically while containing inflation. On equities and risk-assets, I would look at with caution but not negativity."
On the portfolio of investors in the country, he said, "I would therefore at this stage recommend a strategy for the portfolio for many Indian savers and investors who start putting their surplus into interest-bearing instruments, in addition to risk assets whether it's equity or others like gold and real estates. Make your portfolio more diversified and have reasonable portion money into interest-bearing instruments in addition to equities, etc."
The MD and CEO also showed optimism for the country by saying, "And I also believe in the long-run, Indian should use this opportunity to shine out in the committee of nations and move into the top 3 GDP countries after the US and China. Exciting time ahead for the country but be braced for the volatility and tighten your seatbelt, and at the same time, we must continue flying. I wish all of you a happy Diwali and a wonderful Samvat 2079." (ANI)