Indian Economy & World: Recession will show color, HDFC chairman said – Food-vaccine security will save India

There is a possibility of recession at the global level and India's economy is also not going to remain untouched by its effect. Although India's situation may be better than others. This is to say of Deepak Parekh, chairman of the country's largest financial company HDFC. Learn what else he said about the Indian economy...

Deepak Parekh, chairman of HDFC Limited, one of the country's largest home loan company, has warned of a slowdown in the Indian economy in the coming days. He says that the kind of situation and recession expected in the world, the Indian economy is also not going to remain untouched by it. However, compared to other economies, India's position may be better.

Very soon HDFC is going to merge with HDFC Bank. After this HDFC Bank will be the largest financial company in the country. The company's chairman Deepak Parekh said this during SPJIMR's 'Centre for Family Business and Entrepreneurship' event.

Indian economy will be saved by vaccine and food security

Deepak Parekh said on Saturday that India's GDP growth will moderate in the coming days due to global challenges. Despite this, India's economy will bear the shocks because India has political stability as well as protectors like food security and vaccine security. At the same time, India's domestic consumption is very big and strong.

Apart from this, the regulatory system of the financial sector in India is strong. On the other hand, the government's efforts to digitize the economy have created such an environment, which will keep the economy going. He said that when most of the central banks of the world are increasing the interest rates, the Reserve Bank of India has kept the interest rates as before in its latest policy.

Growing scope of startups in the country

With this, Deepak Parekh said that there is a supportive environment for startups in the country. Due to this, new enterprises are being created in the country. In today's time, India has reached the third place after America and China in terms of number of startups.

Although he admitted that the political conditions of the world have affected the global economy. Due to this, there has been an impact on the movement of trade to services, technology, capital flow and labor force.

Import reduction research needed

Union Road Transport and Highways Minister Nitin Gadkari was also present in this event. On this occasion, he said that India now needs a research center. To make the country truly self-sufficient, there is a need to develop such technology which can help in reducing imports.