India should be ready with contingency plan on Brexit: Assocham

NEW DELHI: Government must put in place a contingency plan to fight off the volatility arising out of the referendum on ' Brexit' slated for Thursday as it is bound to unnerve the global financial markets, an industry body said today.

"In the medium to long term, the funds shuffled in an uncertain Britain and European markets could find way into the Indian markets, but in the immediate term, anything can happen and as a credible economy, we have to be ready and be on top of the situation," Assocham said, adding it has full confidence in RBI Governor Raghuram Rajan to deal with the fast unfolding global events.

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Anticipating a close call between the 'leave' and 'remain' votes in the referendum, the chamber observed that there could be an upheaval in the financial markets out of sheer panic, at least in the short term.