Macroeconomic indicators - ICICI sees Indian growth at 7pct to 7.5pct

With green shoots of economic recovery becoming visible, a top banker was optimistic that India will record a growth of 7% to 7.5% in this fiscal.

Mr K V Kamath chairman of ICICI Bank said that "Manufacturing sector has come back to the stream...Infrastructure, mainly power is coming back in a big way my belief is that we will see a growth of 7% to 7.5% in the current fiscal.”

Mr Kamath said if the weak monsoon pose hurdles to the agriculture output, the growth can moderate up to 7% while it could be high at 7.5% if the monsoon is favorable.

In July this year, Reserve Bank projected at least 6% growth in the current fiscal on the back of an expected recovery in the world markets.

Mr Kamath said that ICICI Bank seen its corporate clients resuming their projects, which were shelved previously, on account of a sharp slowdown in the financial markets. He added that Key sectors like oil, cement, auto and services sectors have started recovering from the slowdown.

(Sourced from http://www.steelguru.com/news/index/2009/09/10/MTExMDI0/Macroeconomic_indicators_-_ICICI_sees_Indian_growth_at_7pct_to_7.5pct.html)

Posted in: Business news