Rising Fuel Costs May Hit Every Industry | Niranjan Hiranandani Explains
Niranjan Hiranandani, Chairman of the Hiranandani Group and NAREDCO, has warned that the ongoing Red Sea crisis could trigger a broader economic recession if the disruption persists. Speaking on the impact of the canal route's blockage, Hiranandani described the situation as "unexpected" and "unbelievable," noting its significant effect on India's energy security, as 75 to 80 percent of the country's energy is imported. He highlighted that the construction industry is already facing rising costs, particularly in tile production, due to surging petroleum prices. While he expressed optimism that the economy could "flip back to normal" within months if the problem is resolved quickly, he cautioned that a prolonged crisis would force India to adopt a long-term view on sustainability and energy alternatives. Hiranandani emphasized that while these shifts are challenging, they may become necessary for the country's long-term economic stability and industrial growth.
Niranjan Hiranandani, Chairman of the Hiranandani Group and NAREDCO, has warned that the ongoing Red Sea crisis could trigger a broader economic recession if the disruption persists. Speaking on the impact of the canal route's blockage, Hiranandani described the situation as "unexpected" and "unbelievable," noting its significant effect on India's energy security, as 75 to 80 percent of the country's energy is imported. He highlighted that the construction industry is already facing rising costs, particularly in tile production, due to surging petroleum prices. While he expressed optimism that the economy could "flip back to normal" within months if the problem is resolved quickly, he cautioned that a prolonged crisis would force India to adopt a long-term view on sustainability and energy alternatives. Hiranandani emphasized that while these shifts are challenging, they may become necessary for the country's long-term economic stability and industrial growth.
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