Good Mon­soon’ll be Sin­gle Big­gest Boost

Bharucha is bullish on phar­ma­ceu­ti­cal, auto, roads and IT; cau­tiously pos­i­tive on In­dia story

The Economic Times - - Commodities Plus -

A good mon­soon will be the sin­gle big­gest booster shot to spur growth and re­vive ru­ral de­mand, said

ex­ec­u­tive di­rec­tor of In­dia’s most valu­able pri­vate lender HDFC Bank. Speak­ing to Saloni Shukla, Bharucha said that it was cau­tiously pos­i­tive of In­dia’s growth story and iden­ti­fied sec­tors such as pharma, auto, roads and IT as the bright spots. Edited ex­cerpts… Are you wor­ried about the talks that we live in an un­sta­ble world? You can’t walk away from a global im­pact to­day. Thank­fully the US is do­ing well — it hasn’t done so well in the past few years. Europe’s a lit­tle slug­gish, so is Ja­pan, China will see a de­cel­er­a­tion. So, I don’t think it’s look­ing all that bad as it was may be about a year ago. I think there were more global un­cer­tain­ties about nine months ago, now at least, there is more clar­ity in terms of where the US is, and where com­mod­ity prices are.

Also, I am a firm be­liever that In­dia, while be­ing in­te­grated, does in a way stands in­su­lated. We are a large self-con­sum­ing econ­omy un­like China and the US which are de­pen­dent to a very large ex­tent on ex­ports. So, that gives us re­silience. It’s a very con­sum­ing so­ci­ety which will give you an in­her­ent de­mand and sus­tain us to a far larger de­gree and in­su­late us from global changes. But, can we be fully in­su­lated? Cer­tainly not, but de­mand should not be a prob­lem here.

Kaizad Bharucha,

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