Housing Development Finance Corp (HDFC) chairman Deepak Parekh said the unpredictability of the virus remained the key challenge to the overall macroeconomic environment. He said that while the country's macroeconomic fundamentals remain strong and the recovery is in progress, the unpredictability of the virus remained the key challenge to the overall macroeconomic environment.

“The world is still susceptible to recurring waves of infections. Thus, economic recovery will remain uneven and patchy, "I remain confident that India's macroeconomic fundamentals are strong. Recovery is underway," Parekh said addressing shareholders at the 44th AGM on Tuesday. He said, the country's forex reserves and foreign direct investment inflows have scaled record highs, the capital markets are also buoyant and agriculture growth is expected to remain strong with food grain production estimated at over 305 million tonnes.

He further noted that the Reserve Bank of India (RBI) is committed to supporting growth through an accommodative monetary policy and the government has taken several reforms and measures to alleviate COVID-19 related stress. "The key laggard remains overall credit growth which continues to remain tepid," he said, adding in terms of the overall macroeconomic environment, the key challenge, however, remains the unpredictability of coronavirus. "The world is still susceptible to recurring waves of infections. Thus, economic recovery will remain uneven and patchy," he noted.

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