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q2 Was A Positive Surprise; RBI's Monetary Policy Mature And Accurate, Says Deepak Parekh.


Date: 07-12-2020
Subject: q2 Was A Positive Surprise; RBI's Monetary Policy Mature And Accurate, Says Deepak Parekh
Chairman of Housing Development Finance Corporation (HDFC) Deepak Parekh on December 7 shared a very optimistic outlook on India's path to recovery.

In an interview with CNBC-TV18, Parekh said that the September quarter results from India Inc were a positive surprise.

He added that macroeconomic data points, over the last few months, have also hinted that the country may be on track to recovery after the recession-like economic fallout following the COVID-19 pandemic.

"Auto sales, toll collections, power consumption, housing sales point to a recovery. October 2020 was a record month for auto sales," the Indian business tycoon said.

However, he pointed out that close-contact industries like restaurants, aviation may still need time to recover given that a second wave of COVID-19 still remains a concern for some states.

According to Parekh, Reserve Bank of India's latest monetary policy where they maintained policy rates with an accommodative stance seems "very mature and accurate" at the current juncture.

The HDFC chairman also shared a very optimistic view on the future of the real estate sector, especially small homes.

"Migrant labour is coming back slowly. Construction work has also started. RBI will not destabilise any large NBFC/HFC," he said.

Source:-moneycontrol.com

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