The UK vote to leave the EU has opened up a “Pandora’s box of grave uncertainties” and India cannot be in denial that it will be immune to the development, Biocon CMD Kiran Mazumdar-Shaw has said.
“It has opened up a Pandora’s box of grave uncertainties. Will Euro remain intact or will we see others exit? What will be the impact on the Euro itself? Will it devalue and to what extent? How will India’s bilateral trade with UK and Europe be impacted?” she said.
“How much will the USD strengthen against the Pound Sterling/Euro/Rupee?” Mazumdar-Shaw said.
She said India cannot be in denial that it will be immune to Brexit, adding that there is likely to be mayhem for several weeks before things stabilise.
“It’s fortunate that we still have Raghuram Rajan at the helm of RBI at this critical time,” the Biocon CMD said.