Economy on recovery path, piggy-riding rural rebound: Deepak Parekh

Advising people not to get too perturbed with the forecasts of negative growth, he said the economy will recover for sure assuming that there are no further lengthy and complete lockdowns in future

Mortgage lender HDFC Chairman Deepak Parekh on Thursday sounded confident of the pandemic-ravaged economy coming out soon, as he expects Bharat to help nurture India back to economic health earlier than the consensus forecast.

Base-case forecasts by many pencil in a GDP contraction of 5 per cent if the lockdown is lifted by July and normalcy trundles back from September, and over 7.5 per cent in the worst case as each month of the lockdown shaves off 100 bps of the GDP.

"Signs of the wheels of the economy beginning to churn are evident from the following facts: unemployment rates