Deloitte South Asia Chairperson Shefali Godadia said the West Asia conflict is a good opportunity for India to become self-reliant, especially in the energy sector, to mitigate pressure on the rupee caused by dependence on fuel imports.
Crisis as an Economic Opportunity
As the world grapples with the fallout of the West Asia conflict, Shefali Godadia, Chairperson of Deloitte South Asia, offered an alternate view point and said “Every crisis brings with it a good opportunity,” emphasizing the need for India to capitalize on the current situation. Speaking on the sidelines of the CII summit, Godadia spoke to ANI and highlighted the importance of self-reliance, particularly in the energy sector, to mitigate the pressure on the rupee.
The ongoing war has led to significant volatility in the Indian market, with the rupee facing pressure due to the country’s dependence on fuel imports. Godadia notes that this dependence will continue to pose challenges for some time, impacting those involved in cross-border imports. However, she sees this as an opportunity for India to accelerate its journey towards self-sufficiency, reducing reliance on foreign currency and strengthening its economy.
Proactive Board-Level Planning
Boards are now more engaged than ever in scenario planning, focusing on supply chain disruptions and potential risks. “The boards are now increasingly engaging in scenario planning, looking at supply chain disruptions and building plans to deal with them,” Godadia said. This proactive approach is crucial in navigating the uncertain landscape and ensuring business continuity.
Governance and Regulatory Landscape
On the regulatory front, Godadia praised the Indian government’s efforts to ease compliance norms, emphasizing the need for capacity building among directors. “The more our directors are trained and upskilled, the better questions they will ask,” she said, advocating for better governance and risk management.
As India navigates these challenging times, Godadia noted that it’s time to turn crisis into opportunity by focusing on self-reliance, upskilling, and proactive planning, India can emerge stronger and more resilient.
Awaiting RBI’s Decision
The Reserve Bank of India’s next move, expected on April 8, will be closely watched and Godadia added “It’s a choice between stability and control – we’ll have to wait and see.”
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)