LOW-COST HOUSING TO DRIVE GROWTH
The onset of the pandemic had a devastating effect on the economy last year. The national lockdown, uncertainty over vaccine development and dealing with a completely unknown event which had no precedent in the modern era led to an understandable pessimism about what the future holds for us. From an economic perspective, I was confident we would begin to recover as lockdown measures are eased. India’s macroeconomic fundamentals are sound and our inherent demand cannot be questioned.
As regards housing loans, there was a general consensus that the recovery would be gradual, but it was much faster than anticipated. At HDFC, our year-to-date retail disbursements not only continued to improve month-on-month, but more importantly, from September onwards, there was consistent growth compared to the same month in
