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Chairman's speech, Hero Motocorp Ltd. 2012

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Macro Realities & Perspectives

Domestic and global factors ensured that economic growth slowed down significantly during 2011-12 after two strong years. Global macroeconomic and financial uncertainty, weak external demand, elevated level of prices, widening twin deficits and falling investment combined to adversely affect the growth. Structural weaknesses, in the form of policy uncertainty, inflation and rising interest rates weakened the growth environment further.

Though India outperformed most of its peers in terms of growth, its potential and actual growth slowed.

After tightening monetary policy till October 2011, the Reserve Bank paused hiking policy rates, and effected a cut in March 2012. However, the growth rates remained weak at the time of writing.

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