With regards to Indian economy, Freeman said, “For sure being such a big oil net importer, rising crude combined with a rising dollar puts a lot of pressure on the Indian currency and the Indian economy."
“Hopefully the global sell-off is more technical than structural," Seth R Freeman, senior managing director, Glassratner Advisory & Capital Group LLC, told CNBC-TV18.
Sharp sell-off was seen on Wall Street overnight, leading to decline in Asia stocks. The Hang Seng was lower by about 600 points and the Nikkei was lower by about 3 percent.
With regards to Indian economy, he said, “For sure being such a big oil net importer, rising crude combined with a rising dollar puts a lot of pressure on the Indian currency and the Indian economy. This morning, I was reading that the Saudi officials said that they were going to pump as much oil as they possibly could ... that might be helpful for India in the short run."
“I have a very long-term view on investing in India and the Indian economic growth ... there might reach a point soon where US foreign investors are going to find emerging markets and particularly India more interesting again if the sell-off does continue because the fundamentals aren’t changing on the long-term view point, these are basically money flow problems,” said Freeman.
“We are not seeing substantial wage increases but we are seeing price increases, so that can be a problem if they overshoot. It is hard to tell right now what is going to happen particularly between the US and China,” he further mentioned.
Source: CNBC-TV18
