Hailing the Modi government's demonetisation move, HDFC chairman Deepak Parekh, in an exclusive interview with CNBC-TV18, called it a “game changer” and a “transformational and necessary step”.
The Centre’s ‘surgical strike’ against black money was appreciated by Parekh who “can't find a single fault with it”.
“India has never been in a stronger position,” he stated while adding that the market is “over-reacting” to both Donald Trump's win in the US presidential elections and demonetisation.
Speaking on the “unaccounted” money in the economy which “funds elections”, he shared that it is “difficult to estimate how much black money is in cash”.
According to him, land prices are also expected to fall “to increase liquidity” and he is confident that the interest rates will come down by 0.5-1 percent next year.
(With inputs from CNBC-TV18)
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