Worst behind us; India's GDP growth to turn positive in Q4: Deepak Parekh

Parekh, the non-executive chairman of mortgage lender HDFC, said residential housing sales for this quarter have gone up by 34 per cent as people are buying ready-to-move-in apartments

Asserting that the "worst is behind us", veteran banker Deepak Parekh on Thursday said India's GDP growth will be in positive territory in the fourth quarter as demand is picking up across sectors.

"Based on a series of high frequency data, there is a distinct trend of sequential month-on-month improvement. There is a lot of catch up required but suffice to say that worst is behind us," he said at a virtual conference organised by the Canada-India Business Council.

Citing an example, he said toll collections are back to 88 per cent of pre-Covid-19 levels, e-way bills are increasing and electricity consumption