Now that the government had done enough investments during and post Covid to revive the economy, is now time for the private sector to do the heavy lifting (to keep the momentum), said Atanu Chakraborty, part- time chairman and independent director of HDFC Bank while speaking at the 31 Annual General Meeting of the Bank on Friday (August 9, 2025) in Mumbai.
“Time has come for the private sector to do the heavy lifting by not just waiting for uptick in the demand cycle but rather innovating on product design, implementing cost efficiency, and improving delivery systems for myriad products,” he told shareholders.
Expressing optimism on the Indian economy despite global headwinds, he said, “India today remains amongst the best performing major global economies. Last fiscal real GDP growth moderated to 6.5% following an average of 8.8% over the previous three financial years. This can be attributed to “base effect”, modest aggregate demand and spillovers of global uncertainties,” he said.
“We also witnessed softening of urban demand. Fixed investments stayed modest. Foreign capital inflows also weakened in the latter half of the year, reflecting global uncertainty,” he added.
The chairman said the domestic growth had found meaningful support in rural demand that was backed by favourable monsoon conditions and a strong harvest.
“Exports grew by 6.3%, led by services, with Global Capability Centres continuing to expand. Construction and services remained robust, expanding above 9 and 7% respectively. Manufacturing, however, showed a slowdown,” he added,
Published – August 09, 2025 07:59 am IST
