Worst time is over, now recovery in Indian economy will be better than expected: Keki Mistry HDFC CEO

HDFC Limited CEO Keki Mistry says that the worst time of the Indian economy has passed. Now recovery in economy will be better than expected. He said that the December quarter will witness higher growth compared to the same period a year ago. Mistry said that the Indian economy has shown its resilience.

Interest rates are not likely to increase right now

In an online communication organized by All India Management Association (AIMA), Keki Mistry said that interest rates will remain at the same level for now. He said that the rate will increase only after the pressure of inflation and inflation in economic activities. However, Keiki said that interest rates have come down to their lows. In a statement issued by AIMA, Keki has said that the government should identify sectors that create jobs. Also, the problems of these sectors should be solved on priority.

Training required for the housing-real estate sector workforce

Mistry said that housing and real estate sectors are the biggest job-creating sectors in the Indian economy after agriculture. 80% of the workforce in these sectors needs training. He also said that the manufacturing sector should be given priority support. On the issue of re-payment in the housing and real estate sector, Mistry hoped that the non-performing loans would remain in single digit.

Covid-19 leads to loss of low-income jobs

Keki Mistry said that due to Kovid-19, low-income workers have lost more jobs. The number of people who have taken loans is not worrying. He said that the range of individual NPA loans can be between 2.5 to 4 per cent. These people can extend the loan period under the RBI approved restructuring scheme.

India cannot afford the second lockdown

Mistry said that his optimum depends on whether the corona will recur in winter. Still, he said that the government is aware that India cannot tolerate a second lockdown. Mistry said that creating jobs and getting money in people’s hands should be the two biggest priorities of the government.

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