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Sunday, Dec 05, 2021
Outlook.com
business

The Ashen Horizon

In the grip of global recession, industry bears terror brunt

The Ashen Horizon
AP
The Ashen Horizon
outlookindia.com
-0001-11-30T00:00:00+05:53

At a primary level, the attacks were too close home. The two hotels that were attacked are "airports without immigration" for business, key comfort zones. Beyond that, most investors—foreign or domestic—consider political and economic stability (apart from investment potential) while evaluating a country. Right now, that's all gone awry and the unease is writ large. "As a destination for investment, India is darkening compared to other parts of the world but it is still a bright spot," says Stephen Wilford of Control Risks India.

In the short term then, investors are likely to delay or defer travel plans and there will be an economic cost that will go beyond Mumbai. But most agree this will be temporary. "There's simply no room for pessimism," avers Adi Godrej, chairman of the Godrej group, asking for the government to provide "strong economic stimuli". A senior banker raises the bigger concern: "Times just got tougher. We not only have to raise money in a challenging market but also convince the investor that his money is invested in a state that can protect its own."

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