"My assessment is that the macro situation has improved quite a bit, especially in the last month or so. I'm seeing a clear return of optimism and this is evident when I converse with CEOs of various organisations and when I see our own new loan enquiries, credit card spends and account openings," Chaudhry told PTI in an interaction.
He was quick to add that we are not completely out of the woods yet and a sustained recovery may take a few quarters.
Over the recovery trajectory, Chaudhry said it will be “L-shaped” recovery which is characterised by a slow rate of recovery with persistent unemployment and stagnant economic growth, as per many economists.
"It will be more like a L-shaped recovery where the pick-up will be slow and gradual. It will take a lot of time. Somewhere the confidence of the customer has been shaken, it will take time to come back," he said.
The spread of the Covid-19 infections in rural areas means that the hopes of revival in the hinterland will be "subdued" and this is a matter of concern, he said.
The government should desist from localised lockdowns for the short term, he said, adding that such measures hurt the ability to plan.
When asked if he expects the government to come out with a second stimulus package ahead of the festivities, Chaudhry sounded a bit sceptical and advocated everybody to be “realist”.
“The government has said that they might infuse more into the economy. I am quite doubtful that we should expect significant coming through for the festive season,” he said.
“Somewhere you've to be a realist and frankly just do what we have to do and get the business back rather than waiting for further handouts from the government,” he said.
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