The macroeconomic scene has deteriorated, says Naresh Takkar, MD ICRA

Private sector banks have the capital, but they are going to be extremely selective in funding capital expenditure and large projects

There are signs of revival in investment. Yet the macro picture looks challenging owing to inflation, including elevated oil prices. Naresh Takkar, managing director and group chief executive, Icra, tells Abhijit Lele growth capital is very limited. Edited excerpts:

It is early days in the new financial year. How do the macro and micro environments of corporate and economic growth look like? 
 

The macroeconomic scene has deteriorated. There are headwinds. But I must say corporate performance (an aspect of the micro environment) and interactions with companies we have had are showing better sentiment. Generally speaking, sentiment has improved and so