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India to see double digit growth: KV Kamath

Banker and former president of the New Development Bank of BRICS countries KV Kamath said on Friday that India would see a double digit growth between this financial year and the next.

A greater clarity would emerge in a month, he said. “The second quarter numbers will indicate where we are going to be,” Kamath said. “Companies took a hit during Q1 this fiscal but there is visible improvement during Q2,” Kamath said.

The economy is back to around 80% to 90% of the pre-Covid levels, barring a few sectors that continue to be under stress, the numbers are not as bad as it was expected to be, he said. India will benefit from the impact of deglobalisation and a large domestic market, Kamath said at the annual meet of the Mahratta Chamber of Commerce, Industries and Agriculture, Pune. The unmet aspirations of the people will provide the momentum to grow at double digit rates, he said.

According to Kamath, the growth drivers would be different and would rely on the new economy as well as the digital backbone, and India is fully geared to leverage digital technologies, platforms and business to kickstart the growth engine.

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