“Chinese bubble” likely to threaten global economies:Expert
By chennaivision at 25 July, 2009, 5:43 pm
Kolkata, Indian commodity market is likely to be hard hit if China emerges a major contendor in the steel sector threatening the existence of Indian steel companies in this turbulent times.
Informing this, Mr Shankar Sharma, Vice-Chairman and Joint Managing Director, First Global, said, ” China being a producer of 550 million tonnes steel there has been an over production in the domestic market which is why there has been an increase in export of steel to Indian economies threatening the existense of Indian steel companies.” ”If China’s growth numbers become wobbly it will threaten the global economy and the overall commodity market. The world is betting on China to sustain the growth numbers,” he said, adding Indian and US economies are similar in a sense that both are insulated to global thought processes and look up to China as an ‘engine of growth.’ He was speaking at the Capital Market Conclave - Rebuilding Confidence after the Meltdown - at the Oberoi Grand today.
Mr Anand Rathi, Group Chairman, Anand Rathi Securities and Ex-president Bombay Stock Exchange, however, predicted a high growth trajectory despite the recession.
”In the next ten years, Indian economy will have a high growth trajectory as all the fundamentals are strong in our economy. In fact, despite the global economic downturn, domestic economy is doing very well. The present Indian economy has a strong banking system, which when coupled with strong economic reforms, can go a long way in tiding over the present crisis situation,” Mr Rathi observed.
The Conclave also dwelled upon the difficult times the global economy was passing through under the impact of meltdown after a long spell of buoyancy.
It also suggested combat strategies and discussed the learnings from the turbulent times.
Key speakers present at the conclave included Joseph Massey, Managing Director and CEO, MCX Stock Exchange Ltd, Mukul Somany, Chairman, CII Eastern Region and Jt Managing Director Hindustan National Glass and Industries Ltd, MS Sahoo, SEBI, Bharat Shah, CEO & Managing Partner, ASK Investment Managers Pvt Ltd.
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