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Deloitte's Shefali Godadia: West Asia Crisis Offers India Self-Reliance Opportunity

Shefali Godadia, Chairperson of Deloitte South Asia, asserts that the West Asia conflict presents India with a crucial opportunity to accelerate its journey toward self-reliance, particularly in energy. She highlights how fuel import dependence is pressuring the rupee and calls for proactive scenario planning by corporate boards to manage supply chain risks. Godadia also commends the Indian government for easing compliance norms and stresses the need for upskilling directors to improve governance. The business leader concludes by noting that India must focus on turning this crisis into a strategic advantage for long-term resilience.

Key Points: India Can Turn West Asia Crisis into Opportunity, Says Deloitte Chairperson

  • Crisis as catalyst for self-reliance
  • Energy import dependence pressures rupee
  • Boards focus on supply chain planning
  • Government praised for easing compliance
  • RBI's next policy move closely watched
2 min read

Every crisis brings with it a good opportunity" says Delloitte's South Asia Chaiperson on West Asia tensions

Deloitte South Asia Chairperson Shefali Godadia urges India to use the West Asia conflict as a catalyst for energy self-reliance and economic resilience.

"Every crisis brings with it a good opportunity. - Shefali Godadia"

Mumbai Apri, l 7

As the world grapples with the fallout of the West Asia conflict, Shefali Godadia, Chairperson of Deloitte South Asia, offered an alternate view point and said "Every crisis brings with it a good opportunity," emphasizing the need for India to capitalize on the current situation.

Speaking on the sidelines of the CII summit, Godadia spoke to ANI and highlighted the importance of self-reliance, particularly in the energy sector, to mitigate the pressure on the rupee.

The ongoing war has led to significant volatility in the Indian market, with the rupee facing pressure due to the country's dependence on fuel imports. Godadia notes that this dependence will continue to pose challenges for some time, impacting those involved in cross-border imports. However, she sees this as an opportunity for India to accelerate its journey towards self-sufficiency, reducing reliance on foreign currency and strengthening its economy.

Boards are now more engaged than ever in scenario planning, focusing on supply chain disruptions and potential risks. "The boards are now increasingly engaging in scenario planning, looking at supply chain disruptions and building plans to deal with them," Godadia said. This proactive approach is crucial in navigating the uncertain landscape and ensuring business continuity.

On the regulatory front, Godadia praised the Indian government's efforts to ease compliance norms, emphasizing the need for capacity building among directors. "The more our directors are trained and upskilled, the better questions they will ask," she said, advocating for better governance and risk management.

As India navigates these challenging times, Godadia noted that it's time to turn crisis into opportunity by focusing on self-reliance, upskilling, and proactive planning, India can emerge stronger and more resilient. The Reserve Bank of India's next move, expected on April 8, will be closely watched and Godadia added "It's a choice between stability and control - we'll have to wait and see."

- ANI

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Reader Comments

P
Priya S
It's easy for a corporate leader to talk about "opportunity" from the sidelines. For common people, the crisis means higher petrol prices and inflation hitting our kitchen budget. Hope the government's plans for self-reliance translate to real relief soon.
R
Rohit P
The focus on upskilling directors is crucial. Good governance starts at the top. If board members are asking the right questions about supply chains and risks, companies will be better prepared. This is a wake-up call for Indian businesses to get their act together.
S
Sarah B
Interesting perspective. The global supply chain disruptions have been a lesson for everyone. India has a massive domestic market – focusing inward and building resilience could be a huge strategic advantage in the long run.
V
Vikram M
Absolutely! Look at the PLI schemes. This external pressure is what we needed to finally get serious about manufacturing and reducing import bills. Jai Hind!
K
Karthik V
While I agree with the sentiment, turning crisis into opportunity requires swift and decisive policy action. All eyes are on the RBI now. Hope they prioritize stability without stifling growth.

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