The Indian economy is beginning to feel the freeze as the worst financial storm since the 1930s begins to thrash markets in the East. The financial crisis has begun to grip even the strongest Asian economies affecting all corporate sectors.
Those primarily dependent on the shipping industry, believing in their self-sufficiency, least expected to be victimized by the situation.
Credit crunch hits shipping
Container shipping, which enables the ferry of finished goods from electronics and toys to various perishable items, has taken a battering, especially on key routes from Asia to consumers in the West.
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Shardul Thacker is a partner with Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.
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