The current economic slowdown that India is witnessing is a “correction process” as the country has seen “excesses”, Tata Sons chairman N Chandrasekaran said at the Express Adda . He, however, said that India is taking “too long” to correct these excesses.
“According to me, what we are going through is also a correction process. We have had excesses. I am not blaming anybody. These excesses have to be corrected. The only thing is we are taking too long to correct it. If so much of NPA (non-performing assets) is there, the fact is it is there. It has accumulated in front of our eyes. So this correction has to happen, but it has to happen fast,” said Chandrasekaran. “The slowdown is real, but I am optimistic about India,” he said.
He said the liquidity crisis that hit the non-banking finance companies (NBFCs) since the collapse of IL&FS last year is not cyclical and is largely over. “Liquidity problem is largely behind us. And I think it is a one-off, I don’t think it is cyclical… Capital will flow as long as we can execute,” he said.
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