India to grow by 7-7.5% in FY10: Kamath

ICICI Bank,Chairman,K V Kamath said that India will record a growth of 7-7.5%.

With greenshoots of economic recovery becoming visible,a top banker was optimistic that India will record a growth of 7-7.5 per cent in this fiscal.

“Manufacturing sector has come back to the stream…Infrastructure,mainly power,is coming back in a big way…my belief is that we will see a growth of 7-7.5 per cent (in the current fiscal),” ICICI Bank,Chairman,K V Kamath said.

In July this year,Reserve Bank projected at least six per cent growth in the current fiscal on the back of an expected recovery in the world markets.

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Kamath said if the weak monsoon pose hurdles to the agriculture output,the growth can moderate upto seven per cent,while it could be high at 7.5 per cent if the monsoon is favourable.

In the last three months,Kamath said,ICICI Bank seen its coprorate clients resuming their projects,which were shelved previously,on account of a sharp slowdown in the financial markets.

Key-sectors like oil,cement,auto and services sectors have started recovering from the slowdown,Kamath said.

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K V Kamath

Police personnel seen to control the situation during a massive protest over the statehood demand and the inclusion of Ladakh under the Sixth Schedule, in Leh on Wednesday. (ANI Video Grab)

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