Mumbai: The huge fall in rupee has been described by the State Bank chairman Arundhati Bhattacharya, as being propelled by growing fears about the crisis affecting China and does not indicate any problems with the Indian economy, according to a report in Economic Times.
She said: “The current strain on the rupee is triggered by global issues as there are some amount of apprehension as to where China is going. Obviously it’ll take a little time before we get the floor.”
The markets crashed on Monday and the stock indices fell nine pins. Following this the rupee fell 82 paise to 66.65 to the dollar. The Sensex and Nifty had to take the blows as well. The Sensex was 5.94 per cent down at 25,741.56 and the Nifty registered 7,809 around 5.92 per cent down.
The cumulative market value of listed stocks that denote the total investor wealth, fell below Rs 100 trillion mark.
Bhattacharya called this blood bath in the market as being “triggered by facts then it is much more difficult to stop. But I do believe that this is more triggered by apprehension (over China) than facts” as per the ET report.
She added that investors will realize that India is a good spot as all its macro parameters are doing well.
Cloud major Oracle, which is seeing high demand in the Banking, Financial Services and Insurance (BFSI), telecom and manufacturing sectors in India, has witnessed double-digit growth in the country for the past three years, a top company executive has said.
Start-ups and small and medium businesses (SMBs) are fast adopting Oracle’s Software-as-a-Service (SaaS) in the country.
“We are seeing double-digit growth (on an average) in the country. In fact, that’s both in our NetSuite business as well as our enterprise business.
“The India Cloud business is really booming. Overall, the double-digit growth has been there for the last three years in the country, which has been the best-performing region in the Asia-Pacific for us,” Shaakun Khanna, India SaaS GTM Lead, Oracle, told IANS in an interview.
The company competes with major Cloud players like Amazon Web Services (AWS), Google Cloud Platform and Microsoft Azure and provides services such as SaaS, Platform-as-a-Service (PaaS) and Data-as-a-Service (DaaS).
According to Oracle, as a corporation, the firm is on track to become the top SaaS company in the world.
The company offers innovative and proven Cloud suite of SaaS applications that enable customers to transform their business with the latest intelligent technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
“From a perspective of completeness of our enterprise applications, there’s no one who can compare with us. So, that’s pretty much our objective and vision in India as well,” Khanna added.
According to the company, going “autonomous” gave it an edge over rivals in the country.
Larry Ellison, Co-Founder and Executive Chairman of Oracle, in October unveiled the second generation Oracle Cloud with autonomous capabilities, improved security and upgrades for enterprises at the company’s annual user conference “Oracle Open World 2018” in San Francisco.
According to Khanna, autonomous is probably the biggest thing because, with autonomous, the ability to engage technologies like AI, ML, UI-UX, is there.
“I think the other advantage is our diversity, because if you look at it, we are the only company of our stature in the world that has everything — it’s not just the applications that are ours, the hardware, the infrastructure, the database, everything is Oracle,” Khanna noted.
The Oracle Autonomous Database now has the capability to automatically scan for security threats and apply security updates while running to help prevent cyberattacks and data theft.
“If you look at the way Oracle built its first set of Cloud infrastructure is very similar to how Google built it, how Amazon built it, how Microsoft built it, almost everyone built it and we are doing exactly the same.
“Larry and the other founders who started Oracle — they were working for a CIA project and then they came out and started Oracle. So we understand security from our DNA,” said Mitesh Agarwal, Vice President, Key Accounts, Oracle India.
“Almost all of our competitors have never managed to move an enterprise workload to the Cloud — not a single one of them. They all have peripheral applications that have moved to the Cloud. That’s still only about 5-6 per cent of the workloads in the world,” Agarwal informed. (IANS)