The worst is behind us; India's GDP growth will turn positive in Q4, says Deepak Parekh
NEW DELHI: Asserting that the "worst is behind us", veteran banker Deepak Parekh on Thursday said India's GDP growth will be in positive territory in the fourth quarter as demand is picking up across sectors. "Based on a series of high frequency data, there is a distinct trend of sequential month-on-month improvement. There is a lot of catch up required but suffice to say that worst is behind us," he said at a virtual conference organised by the Canada-India Business Council.
Citing an example, he said toll collections are back to 88 per cent of pre-COVID-19 levels, e-way bills are increasing and electricity consumption has stabilised.
Parekh, the non-executive chairman of mortgage lender HDFC, said residential housing sales for this quarter have gone up by 34 per cent as people are buying ready-to-move-in apartments.
Agriculture too has been a very promising story and the country is expected to have record foodgrain production of 300 million tonnes this year, he added.
On the growth outlook, Parekh said "for the first quarter we had contraction of 24 per cent but I am not too worried about that because India was in complete lockdown for most part of the quarter."
"For this (second) quarter which ended in September, we are expecting minus 5 per cent and last quarter we will be in positive territory. So I remain reasonably optimistic about India's potential," he added.
He said India is a domestic consumption-based economy and demand is set to rise in the coming months.
"We are consuming what we are producing, so demand has to increase...I am very optimistic about India story in short to medium term," he added.
Despite the shrinking economy, he said, Indian companies have raised USD 31 billion in the last couple of months, indicating there is enough liquidity in the market.
译文来源：三泰虎 http://www.santaihu.com/p/51028.html 译者：Jessica.Wu
Notwithstanding the good intentions, lockdown was a failure like demonetization.
However I see silver lining that despite of complete lockdown, the economy did not come to standstill. This shows that India is digitally gearing up and it is no mean feat considering 1.4 Billion population.
MODI HAS FAILED IN DISINVESTMENT OF PSU. NO MONEY NO STIMULUS NO GROWTH. HIGH UNEMPLOYMENT
Attitude is everything.
Still Corona is in the run and Corporte Sector is not spending .. IT is working from home good to see the Growth ... now it will be banks Vs business both need support from Govt
The most important thing is " we consume what we produce".look at the condition of nations who are dependant either on import or on export. economic policy in future should be at we produce"
Really Happy News
Giving only false Hopes.
A family with negative members normally drag down family to lower self esteem and there bad image regardless of how successful the family is
He doesn't require making any statement to boost the stock market.
I believe him more than any minister, governor, administrator, industrialist and economist.
Economic flowering is coming, not just recovery.
Nobody is really trusting these Modi Government data ( GDP, WPI , CPI, etc ) .. All are manipulated figures only...
没有人真的相信莫迪政府的数据(GDP, WPI, CPI等等)。所有的数据都被篡改了…
JUMLA people are hired to bubble the Stock Market...
Yes he is right 1700 sq ft flat in worli is 17 cr deal closed,someone hammered 100 cr for a bungalow in calcutta. Why q4,,already visible ,with 25 lacs for a car park, and so on..and sensex at 40000 plus ..
buy local please
If positive then good.