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The internal consumption in India will help it survive any fears of global meltdown, according to Mr Ramnath Pradeep, Chairman and Managing Director of Corporation Bank.
He told this to Business Line when his reaction was sought on the Standard & Poor’s decision to downgrade the US Government’s long-term sovereign credit rating to ‘AA+’ from ‘AAA’ and its impact on India.
Mr Pradeep said India could survive the global meltdown in 2008 because of its internal consumption. That will continue to be there.
“We may not be impacted that much. Though we are still there in the US in certain areas, we are not fully dependent on them,” he said. Those industries dependent on exports there may get impacted to a certain extent, he said.
Reacting to the recession worries in the US, he said there is apprehension that recession is going to come. “As bankers we have to be little more careful,” he said.
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