Measures taken by the government have worked well for the economy, he added, and also commended the Aatmirbharat Bharat scheme.
"Will see a little bit of pain before we come out of it," Kamath said about economic ercovery.
Kamath also highlighted that top Indian companies have never been as deleveraged as they are today.
Kamath was the Founding-President of the New Development Bank and Chief Executive Officer (CEO) of ICICI Bank for 13 years until 2009.
According to a projection by The International Monetary Fund (IMF), India’s economy will contract 4.5 percent in FY21.
Kamath also fiscal deficit will have to be played around with for the government to do what it has to do to push economic growth.
Kamath also said he is "absolutely not looking at any government role now', dismissing speculation that he will take up a position in the Union Cabinet.
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