Sounding exuberant, veteran banker and New Development Bank (NDB) President KV Kamath has said everything is going right for India at present and the third largest Asian economy will witness a ‘sudden uptick’ in fortunes soon.
“Everything is going right... The Government should keep the accelerator fixed firmly to the ground,” Kamath, who is credited for the growth of ICICI Bank into biggest private sector lender, told PTI here. “I would think the economy is set for a sudden uptick in 12-18 months,” he added.
listing out reasons for his bullishness, Kamath gave a slew of positives including the control over inflation which is leading a ‘dramatic fall’ in interest rates and passage of the crucial indirect taxation reform, GST.
“I look at India very positively from several angles,” he said, adding that factors like foodgrain management reforms and deploying hidden wealth for productive purposes through the Income Disclosure Scheme (IDS) are also very positive. He said the rapid adoption of technology will only help through several applications, including when used for tax collections. The banker also said he does not see the high asset quality stress as a concern which will impede development.
Kamath for BRICS rating agency: Big 3 constrain growth
VARCA: Batting for a new credit rating agency backed by BRICS group, New Development Bank president KV Kamath on Saturday said methodologies of the big three global agencies are constraining growth in emerging nations.
Kamath said despite having deep capital buffers, the ratings of multilateral banks like the BRICS-promoted NDB are affected due to the parent countries’ sovereign ratings. Citing the case of NDB itself, which is planning to get itself rated for bond-raising in many countries, he said, “its rating will be affected because the promoter countries are not AAA-rated.”