Mumbai: Keki Mistry, CEO of HDFC Ltd, a home loan business, has said that the worst is behind and the pace of economic recovery is faster than expected.
He said that the growth during the December quarter could be better than the same quarter last year. He also added that the Indian economy has proved its resilience. Mistry said in an online communication organized by the All India Management Association (AIMA) that the phase of favorable interest rates will continue even further and that rates will increase only after the pace of economic activity picks up and inflationary pressure increases.
However, he said that interest rates have come down to their lowest level. In a release, AIMA quoted Mistry as saying that the government should identify the employment generating sectors and their issues should be resolved with priority. He said that in the business of housing and real estate, the maximum employment is available after agriculture. Those working in it require the following skills. Mistry also stressed the need to provide support to the manufacturing sector.
He said that the ratio of blocked loans in the housing and real estate sector will remain in unit marks. He said that in the circumstances created by the Korana virus epidemic, most of those whose jobs were left were low-income workers. The jobs of such class of people are not much left out, who take home loans.
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