HDFC Chairman Deepak Parekh on January 28 said that the country's aim of becoming a $5 trillion economy is achievable despite the country battling a slowdown, according to a Financial Express report.
"Do not be disillusioned with the current difficulties. The tide will and has to change," he said at an event, stressing that India will be an important engine for the world.
The report quoted an ICRA report stating that there was a year-on-year improvement in 11 of the 16 of the key non-financial indicators for Q3 FY20 as compared to the previous quarter. These include the sale of commercial vehicles, motorcycles, passenger vehicle output, and refinery output.
The Finance Ministry has been announcing a slew of economic reforms to tackle the slowdown since last year, which include lowering the effective corporate tax rate, providing relief to foreign portfolio investors (FPIs), and providing measures to boost the automobile sector, infrastructure investment and the completion of stuck real estate projects.
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