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‘Worst is behind’ for India with economy returning to growth, says veteran banker

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FILE PHOTO: Lujiazui financial district in Pudong, Shanghai, China © Reuters / Aly Song
Asia ‘best positioned’ for recovery from coronavirus crisis – Goldman Sachs

Talking about GDP growth outlook, Parekh said, as quoted by the Economic Times, that “for the first quarter, we had contraction of 24 percent, but I am not too worried about that because India was in complete lockdown for most part of the quarter.” 

He added: “For this quarter, which ended in September, we are expecting -5 percent, and in the last quarter, we will be in positive territory. So, I remain reasonably optimistic about India’s potential.” 

The banker explained that 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’s story in the short to medium term.” 

He also noted that, despite the shrinking economy, Indian companies have raised $31 billion in the past couple of months, indicating there is enough liquidity in the market.

For more stories on economy & finance visit RT’s business section

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