The positives and growth prospects of the Indian economy far outweigh the challenges that are global in nature, says Chakraborty.
| Photo Credit: Surya Nair
Global geo-strategic uncertainties have affected a wide swathe of the world, including India’s neighbourhood. Adjustments in monetary policy in major economies have tried to remove the overhang of liquidity that was feeding inflation, HDFC Bank’ part time chairman Atanu Chakraborty told shareholders at the company’s AGM on Friday.
“These are bound to affect intra and cross border flows of capital. However, your bank is closely monitoring risks associated with such occurrences,” he said.
He said that the positives and growth prospects of the Indian economy far outweigh the challenges that were global in nature.
“However, the Indian economy has emerged as one of brightest spots in the global macro scenario. We continue to remain the fastest growing major economy. As against a projected global GDP growth rate of 3.2% this year, India is projected to grow in the range of 6.5 to 7.0 %,” he said.
The timely interventions of the Reserve Bank of India and its monetary policy actions had been crucial in combating inflation, the part time chairman said.
He said the recently announced Union Budget also layed the pathway for India’s future growth and its priority areas.
On the bank he said the merger of HDFC Ltd. with the bank remained amongst the largest in the history of corporate India and amongst the most complex in the financial services sector in the country.
“The merger has strengthened the Bank’s pathways for future growth. The Bank is now a financial services conglomerate,” he said.
“The successful execution of the merger has significantly enhanced the Bank’s ability to serve its existing customers, acquire new customers and provide to our customers a wider spectrum of financial services being offered by various companies of theHDFC Bank group,” he added.
