NEW DELHI: Pointing to India having zero risk of recession, compared to some major Western countries, and to its growth projections, Zerodha founder Nikhil Kamath has said that Indians who have graduated from well-known colleges in the United States and are considering starting a venture, all indications point to India being the place to be in this decade.
He said from a relative standpoint, as also for an entrepreneur, India presents enormous opportunities. “To my many friends who have graduated from fancy colleges in the #US, working there, considering moving back home to start something. All indications point to #India being ‘the place’ to be this decade; from a relative standpoint, for an #entrepreneur, the opportunity is here…,” Nikhil Kamath stated on Instagram.
Zerodha is an Indian stock brokerage company. Kamath cited a Bloomberg graphic about recession probability which shows India is at zero risk.
The graphic showed a high probability of recession in some Western countries as also emerging economies. The graphic, ‘Recession Probabilities Worldwide 2023’, showed that the UK has a 75 per cent chance of going into recession.
According to the graphic, the probability was 70 per cent for New Zealand, the US (65 per cent), Germany, Italy and Canada (60 per cent), France (50 per cent), South Africa (45 per cent), Australia (40 per cent), Russia (37.5 per cent), Japan (35 per cent), South Korea (30 per cent), South Korea (30 per cent), Mexico (27.5 per cent), Spain (25 per cent), Switzerland (20 per cent), Brazil (15 per cent), China (12.5 per cent), Saudi Arabia (5 per cent) and Indonesia (2 per cent)
Nikhil Kamath also cited the World Economic Outlook of the International Monetary Fund (IMF), which projected India as the highest-growing economy in the world at 5.9 per cent in 2023. The growth projections of real GDP for US and France stood at 1.6 and 0.7 per cent respectively, while that for Germany and the UK stood at (-0.1) and (-0.3) respectively.
The IMF, in its flagship World Economic Outlook, released on Tuesday, projected that India will be the fastest-growing economy in the world amid financial sector turmoil, high inflation, ongoing effects of the Russia-Ukraine war, and three years of Covid. In February, IMF Managing Director Kristalina Georgieva told the media on the sidelines of a G20 meeting in Bengaluru that India is a “bright spot” in the global economy. (ANI)