Is India's economy safe from the Greece crisis?

The owner of an OPAP lottery and sports betting shop watches the news in Athens — Greeks have been anxiously watching the negotiations

Newspapers and experts have urged the Indian government to be prepared to offset any negative impact of the deepening economic crisis in Greece.

Eurozone finance ministers on Thursday ruled out any further talks on a fresh bailout for Greece until the country holds its referendum on Sunday.

Greeks will be asked to accept or reject proposals made by creditors last week, with Prime Minister Alexis Tsipras urging a "No" vote.

Greece's left-wing Syriza government, elected on an anti-austerity platform, has been in deadlock with its creditors for months over the terms of a third bailout.

With the previous eurozone bailout expired, Greece no longer has access to billions of euros in funds. EU leaders have warned that a "No" vote may see Greece leave the eurozone - though Mr Tsipras says he does not want this to happen.

Greece's possible exit is likely to impact major economies around the world.

Can India deal with such a scenario?

Most pundits agree the India cannot be directly affected by the crisis in Greece because the two countries' trade volume is relatively low.

But India will have reasons to worry if the crisis spreads across Europe.

The Hindustan Times warns that India needs to stay alert.

"A crisis, if it were to spread quickly from the Mediterranean coast, could upset India's ambitions of regaining its lost position as an engine for global growth," it writes.

The paper also urges the government not to "drop the guard on the currency front to avoid a repeat of 2013 when a rush of dollar outflow weakened the currency to record lows".

The Asian Age also agrees that India should not be too worried, but urges foreign investors in stay put in the Indian market.

The paper argues that "if FIIs [Foreign Institutional Investor] decide to book profits and exit Indian markets in the event of a crisis and European bonds get more attractive, it would at best be a knee-jerk reaction".

It says "FIIs get better returns in India, at eight per cent, than almost anywhere else."

'No alarm'

The New Indian Express says "there is no need for alarm in India".

The daily, however, agrees that "emerging economies like India will certainly be affected. They will be forced to review plans of growth based on Greece's experience".

The paper adds that India needs to learn from Greece's experience.

"The crisis in Greece should act as a reminder to India that it should rethink its policies of growth. Greece depended too much on external borrowings to stabilise its economy and failed in the process. In the light of this experience, India should depend on domestic, not external, drivers," it adds.

Raghuram Rajan, the governor of India's central bank, says "the direct exposure is very limited for India".

"But there is some indirect exposure like how the Euro would react to the Greece situation," he adds.

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