Chief Economic Advisor V Ananth Nageswaran on Thursday said that there is growing uncertainty globally due to recent developments in the US and governments, businesses and individuals should maintain a safe margin while planning finance, corporate and savings accounts. he/she said that the International Monetary Fund’s (IMF) forecasts of global growth in January are out of date and now countries will have to see how the developments in the US last week affect their confidence, bank credit growth, etc. There will be an effect.
Two US banks failed last week, including Signature Bank of New York. The bank, which primarily provided lending facilities to the crypto industry, was shut down by regulators on Sunday. Earlier on Friday, America’s 16th largest bank Silicon Valley Bank was closed. This bank mainly provided financial assistance to the startup industry. Speaking at the Crisil India Outlook Symposium, Nageswaran said that the already rising uncertainty deepened in the last week.
Countries will have to face these situations not only this year but also in the coming year and beyond. he/she said, “What is important to remember in times of uncertainty is that we must ensure a safety margin in our operations. This is necessary for financial planning, corporate planning and household accounting as well as savings account planning.” Nageswaran said it would be difficult to ascertain the impact of these developments on countries like India. he/she said that its impact on global demand, oil prices and US interest rates and the dollar is going to be positive for us.
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