India's economic fundamentals strong, recovery underway, says Deepak Parekh

Weak credit growth, however, remains the key laggard

Housing Development Finance Corp (HDFC) chairman Deepak Parekh said on Tuesday that while India’s macroeconomic fundamentals are strong and recovery is underway, weak credit growth remains the key laggard. 

“Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger,” Parekh said in his chairman’s address at the 44th Annual General Meeting of HDFC. 

However, in terms of the overall macroeconomic environment, “the key challenge remains the unpredictability of the virus. The world is still susceptible