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Exclusive: We must become Atmanirbhar in a cost-effective and efficient manner, says KV Kamath

Speaking on the coronavirus pandemic and its impact, Kamath said that steps taken by the government have worked well for the Indian economy.

July 08, 2020 / 08:45 AM IST

Sharing his views on Prime Minister Narendra Modi's clarion call for self-reliant India, former chief of the New Development Bank of BRICS countries, KV Kamath, said we must become Atmanirbhar in a cost-competitive and efficient way.

In an exclusive interview with Network18, Kamath said, "Atmanirbhar Bharat is the call of the day. We need to become self-reliant efficiently. Atmanirbhar Bharat is a much bigger concept."

"Historically speaking, if we were to execute Atmanirbhar Bharat 15 years ago, we did not have the scale. Industries were trying to gear up for a new scale, new quality connotation, new cost connotation, new competitiveness. All that was gained, but we still did not become truly Atmanirbhar in a wider context that the Prime Minister indicated. Now what we need to really look at is what are those constituents or support that we would need to provide to corporate India and the entire system to make this work," Kamath said.

Speaking about the credit flow to MSMEs, he said there are 3 components to this. "Cost of credit, the flow of credit and the momentum of credit. I think all 3 have to be in sync. Government has done its part by lending large package in terms of guarantee support now we need to make sure that the banks truly are able to lend this out," he added.