2023-04-22 16:26:02
Political stability is working well for India, which is seeing more tailwinds than headwinds, and is unlikely to be disrupted in 2024, said Deepak Parekh, Chairman, HDFC.
General elections are expected to be held in May 2024, with the BJP-led National Democratic Alliance aiming to retain power and the opposition trying to stitch a rainbow alliance to dislodge it. “As a country, we are fortunate to see more tailwinds than headwinds. What is working well for India is the fact that we have political stability and I don’t see this being disrupted in 2024 either,” said Parekh at a Real Estate Conclave organised by a media group.
Food security and vaccine security; demonstrated ability to negotiate the import of crude oil at lower international prices; steady increase in tax collections owing to better tax compliances; are among the reasons working in India’s favour right now, opined Parekh.
“Almost all the high frequency indicators are performing well, including a smart recovery by sectors that were impacted by Covid-19 such as aviation and hospitality, amongst others.
“We are reaping the benefits of having put in place a strong public digital infrastructure, which much of the world now wants to emulate,” he said.
Parekh underscored that the Indian banking and financial system which had its troubles earlier is now in a much stronger position, is well-capitalised, the non-performing loans are now much lower and the system is strongly regulated.
“We have a government that is pulling all its weight to position the country as a global manufacturing hub, and we also have a government that has aligned itself to the goals of de-carbonising the Indian economy in an orderly manner. “We have an uncertain global environment, but a strong domestic environment,” he said.
1682192305
#Political #stability #working #India #Deepak #Parekh