Global Headwinds To Slow Down GDP Growth, India More Resilient Than Many Large Economies: HDFC Chairman Parekh

Global headwinds are likely to slow down India's GDP growth, but the country is more resilient than many large economies, HDFC chairman Deepak Parekh said on Saturday, PTI reported.

As per a PTI report, India has enough tailwinds with political stability, vaccine security, food security, a robust domestic consumption-based economy, digitisation initiatives and a robust regulatory system for the financial sector, Parekh said at SPJIMR's Centre for Family Business and Entrepreneurship (CFBE) event.

"India is not immune to the global shocks but has proved to be more resilient than many large economies. For sure, India's GDP growth will slow down because of global headwinds," he said. For startups, he said, "many investors still have plenty of dry powder for good, innovative ideas, but the days of cash burn and high valuations are behind us".

Entrepreneurship in India has exploded because of the conducive startup environment in the country and India has the third largest number of startups after the US and China, Parekh said, PTI report stated.

"In the recent period, geopolitics has dominated over geoeconomics with spillover impacts on trade, services, technology, capital flows and even in the mobility of the labour force, added the PTI report.