HDFC chairman expects Indian economy to expand by 8-10% in FY22

Housing Development Finance Corp (HDFC) chairman Deepak Parekh expects the Indian economy to mirror a similar trend seen in 2020-21, where the first half of the financial year was weaker and the second half was significantly stronger. He believes that country’s strong economic fundamentals aided by the Reserve Bank of India (RBI)’s accommodative stance and government measures will help alleviate Covid-related stress and help in registering economic expansion of 8-10 per cent in 2021-22, albeit on a low base. However, in terms of overall macroeconomic environment, Parekh noted that unpredictability of the virus remains the key challenge.