Veteran banker and former ICICI Bank chief KV Kamath on February 27 said he does not see any loss of confidence in India due to a crisis in a single group. “No single group can carve the future of India,” Kamath told CNBC-TV18.
The veteran banker also said he has complete confidence in the steps taken by the government and the Reserve Bank of India (RBI). “We should not end up in a situation where the economic growth engine is out of gear and where rates increase too much,” the veteran banker said.
On inflation and growth
Kamath highlighted that he was disturbed about the unavailability of reliable inflation data in India and said he was concerned about the reliability of available inflation data. “We need to understand, are we measuring inflation right? One would need to look at CPI and other indicators, with more focus to understand in detail,” the veteran banker highlighted.
“There is a need to see a connection between inflation and interest rates. Should not end up in a situation where interest rates increase too much,” the veteran banker said.
Kamath highlighted that the central bank and the government have managed the economic situation very well In the last two years.
He also laid down certain progress measures for the future. “Economic progress will happen via digital platforms and expect infra growth to pick up. Also, India needs to grow In sync with the west,” Kamath said.
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