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Economic growth in China ‘clearly visible’ across cities, says KV Kamath

Former chief of the BRICS’ New Development Bank, Kundapur Vaman Kamath, has said that economic growth in China is ‘clearly visible’ across all cities

July 08, 2020 / 08:41 AM IST

Economic growth in China is 'clearly visible' across all cities, former chief of the BRICS’ New Development Bank, Kundapur Vaman Kamath said.

Speaking to Network18’s Group Editor-in-Chief Rahul Joshi, Kamath said the process of reducing emissions is in place in China.

His comments were in response to a question about border tensions between India and China.

Amid the border tensions, many have compared the economic growth seen in both countries.

Kamath, 72, a mechanical engineer by training and an alumnus of IIM-Ahmedabad, was being spoken of as someone whom Prime Minister Narendra Modi may tap for a senior role in the Indian government.

For more stories on the interview, click here

He has a resume that few other possess, as well the skills and contacts that PM Modi may need if India has to quickly aim for double-digit growth.

Kamath was the CEO of India’s second-largest private-sector lender ICICI Bank for 13 years until 2009, and the chairman of Infosys for nearly four years till 2015.

In a career of nearly half a century, he has amassed deep knowledge of high finance and the broader economy while also maintaining close connections with India Inc.

Kamath worked with the Asian Development Bank (ADB) in Manila for eight years before taking the top job at ICICI Bank. His multilateral finance credentials were further burnished with his latest assignment, a five-year stint as the founding-president of the five-nation New Development Bank in Shanghai. The latter will be particularly valuable now, given the state of relations with India’s cantankerous eastern neighbour.

Also read: KV Kamath says 'absolutely not looking at any government role now'

Tensions along the LAC were rising since early May amid a stand-off between Indian and Chinese soldiers. However, the tensions escalated to another level after 20 Indian Army soldiers, including an officer, were killed in a violent face-off in Ladakh’s Galwan Valley on June 15-16.

There were casualties on the Chinese side too. However, that number is not clear.

Since then, the Indian Army has already sent thousands of additional troops to forward locations along the border in the last two weeks.

The Indian Air Force (IAF) has also moved a sizeable number of its frontline Sukhoi 30-MKI, Jaguar, Mirage 2000 aircraft and Apache attack helicopters to several key air bases including Leh and Srinagar following the clashes.

However, it was reported on July 6 that the two sides had agreed to move their soldiers back 1.5 kms from the respective claim lines in Ladakh’s Galwan Valley and Hot Springs. This is aimed at creating a buffer zone of sorts and was agreed upon at the Corps Commander-level talks.

Read our complete coverage on the India-China border tension

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first published: Jul 7, 2020 02:23 pm