HDFC Chairman Deepak Parekh has said that India is not separate from the world and will face some economic slowdown, but will still continue to be among the fastest growing world economies.
Addressing The Institute of Chartered Accountants of India 21st World Congress of Accountants on Monday, Parekh said that India’s GDP growth for 2022 may be slightly lower than 7 per cent, but what is important to note is the inherent resilience that is now embedded in its economy. He believed that India can grow from a $3.4 trillion economy to a $7.5 trillion economy within the next five years.
Citing a recent research report, Parekh acknowledged the country’s increasing middle class, possible rise in per capita income, anticipated rise in services share in overall GDP, and a flourishing stock market to be helping the country. He also credited initiatives towards digitalisation and financial inclusion.
Underlining India’s political stability, vaccine security and food security, and its good relations with most countries, Parekh also highlighted the Centre’s diversification of countries it imports oil from and drive to get it at lowest cost to minimise the impact on trade deficit and currency. “There has been a huge policy thrust to support India’s energy transition and there are large investments being made in renewable energy, green hydrogen, e-mobility, batteries, fuel cells, solar panels amongst several others,” the banker added.