Now HDFC chairman acknowledged a slowdown in economy

NEW DELHI: Housing Development Finance Corporation (HDFC) chairman Deepak Parekh on Friday has also acknowledged a slowdown in the economy, adding that it could be temporary.

“Evidently, there has been a distinct slowdown in the economy, which was reflected in a lower GDP growth of 6.8 per cent in 2018-19. While there has been an across-the-board slowdown in consumption, given the inherent demand and low penetration levels, I do believe this is temporary in nature,” he told while addressing the annual general meeting of the shareholders.

The statement comes a day after Larsen & Toubro (L&T) chairman Anil Manibhai Naik and Bajaj Group chairman Rahul Bajaj raised concerns of challenging times for the private sector.

MS Education Academy

On Thursday, L&T’s Naik had said India’s GDP growth will be 6.5% this year.

AM Naik, group executive chairman of Larson and Toubro (L&T)

“Growth is going to be not more than 6.5 per cent this year. My feeling is that though they (government) claim it is 7 per cent plus, if we can maintain 6.5 per cent, we will be lucky,” said Naik at the company’s annual general meeting. “I think the government knows the economy is slowing,” he added.

Chairman of India’s Bajaj Auto Rahul Bajaj . Photo: AFP

In Pune last week, Bajaj had told Bajaj Auto shareholders, “There is no demand and no private investment, so where will the growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles, and two-wheelers are going through a rough patch.”

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