Aditya Puri, the outgoing CEO of HDFC Bank is optimistic about India’s economic prospects. Pointing out that growth slowdown was “inevitable even before the pandemic,” he told CNBC-TV18 that there was “no cause for worry.”
“We should forget about 9 percent growth. That will take a while… the pandemic has slowed our growth but we were slowing before that,” Puri pointed out.
He was optimistic, “Some slowdown in growth is inevitable. Do not worry, we will get our mojo back. Yes, the business was hit, but recovery is happening as well. We need a lot of positivity so that sentiment improves. If the country gets the execution right, India has a bright future.”
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Speaking about HDFC Bank’s business strategy, Puri said, moves are towards continuous changes in technology to boost digital services and strengthening of presence in the semi-urban and rural areas – segments from which he expects 30 percent and 30-25 percent growth in business to come from, respectively.
Noting that 60 percent of India’s population lives in rural and semi-urban areas, Puri said a large base would drive growth.
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