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Worst is over, economic recovery faster than expected: Keki Mistry

Mortgage lender HDFC Ltd's CEO Keki Mistry on Saturday said the "worst is behind us" and the economic recovery has been faster than expected. Stating that the December quarter growth could outperform the expansion logged in the corresponding quarter a year ago, Mistry said that the Indian economy has shown its resiliency. Benign interest rate regime will continue going forward and that rates will go up only after economic activity gathers more pace and inflation pressure rises, Mistry, vice chairman and CEO, HDFC Ltd, said at an online dialogue organised by the All India Management Association (AIMA).

He, however, said that interest rates have bottomed out. The government should identify the job creating sectors and address their issues on priority, AIMA said in a release quoting him. Mistry said housing and real estate sector is the biggest employer in the economy after agriculture, and that 80 per cent of the workforce in the sector require minimal skills. He also sought priority support for the manufacturing sectors. Talking about the repayment issues in the housing and the real estate sector, Mistry said that he expected non-performing loans to be in single digits.

News source ~ Economic Times