Good Monsoon’ll be Single Biggest Boost
Bharucha is bullish on pharmaceutical, auto, roads and IT; cautiously positive on India story
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.