The India growth story is still in a nascent stage and has a long way to go, K V Kamath, chairman and managing director said, while delivering the S S Nadkarni memorial lecture at `The India Equity Show` organized by myiris.com in association with ICICI Direct.
Kamath`s optimistic words may have encouraged the rising confidence of the India Inc which is already growing at a brisk 8% plus rate. Kamath felt this growth could well be stepped up to 12% in the next few years if all the engines of growth kept pace with the aspirations of a young India.
The economic growth cycle in the likes of Japan in the Seventies lasted at least 20 years. China has seen a growth story which has progressed nearly 22-23 years. In that context, the India story is only 6-7 years old and hence has a long way to go, Kamath pointed out.
There was a word of caution from Kamath as well. He spoke about the challenges that existed. The big challenges according to him were the infrastructural bottlenecks that still exist. He, however, felt this could be tackled with the right mix of public-private partnership.
Kamath built the edifice of growth on the sizeable influence of the knowledge economy. ``From the humble beginning in the early nineties, India`s knowledge industry is clearly growing into a global powerhouse and driving economic growth, `` he said. He attributed the phenomenon of knowledge and technology to the resurgence of the Indian manufacturing industry which seemed stifled and out of breadth in the late eighties largely due to faulty policies.
Going forward, the ICICI bank supremo felt that the next engine of growth would emerge from rural India. The rise of technology, connectivity and ability to do business in a remote manner would drive Indian industries and enterprises to rural India which probably will deliver the biggest market ever to emerge in the history of independent India.
Kamath`s optimistic words may have encouraged the rising confidence of the India Inc which is already growing at a brisk 8% plus rate. Kamath felt this growth could well be stepped up to 12% in the next few years if all the engines of growth kept pace with the aspirations of a young India.
The economic growth cycle in the likes of Japan in the Seventies lasted at least 20 years. China has seen a growth story which has progressed nearly 22-23 years. In that context, the India story is only 6-7 years old and hence has a long way to go, Kamath pointed out.
There was a word of caution from Kamath as well. He spoke about the challenges that existed. The big challenges according to him were the infrastructural bottlenecks that still exist. He, however, felt this could be tackled with the right mix of public-private partnership.
Kamath built the edifice of growth on the sizeable influence of the knowledge economy. ``From the humble beginning in the early nineties, India`s knowledge industry is clearly growing into a global powerhouse and driving economic growth, `` he said. He attributed the phenomenon of knowledge and technology to the resurgence of the Indian manufacturing industry which seemed stifled and out of breadth in the late eighties largely due to faulty policies.
Going forward, the ICICI bank supremo felt that the next engine of growth would emerge from rural India. The rise of technology, connectivity and ability to do business in a remote manner would drive Indian industries and enterprises to rural India which probably will deliver the biggest market ever to emerge in the history of independent India.
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