India's economy wasn't hit as hard as anticipated; scope to boost farm employment: veteran banker KV Kamath tells Network18
Indicating there is a big scope for enhancing farm employment, KV Kamath said that agriculture has come back very quickly and rural India has been less affected by the challenges presented by the COVID-19 pandemic.
In an exclusive interview to Network18 group editor-in-chief Rahul Joshi on Tuesday, veteran banker and former chairman of ICICI Bank KV Kamath said that the contraction in the Indian economy may not as much as being anticipated by many.
“The landing will not be as hard as anticipated. Rebound is faster than what most of us thought would be. The economy may see a shallow U-shaped recovery,” said Kamath.
In a silver lining, the veteran banker said that the measures taken by the government have worked well for the economy.
Related Articles
Indicating there is a big scope for enhancing farm employment, he said that agriculture has come back very quickly and rural India has been less affected by the challenges presented by the COVID-19 pandemic.
Kamath, who also served as the chairman of Infosys earlier, highlighted that top Indian companies have never been as deleveraged as they are today.
The veteran banker was the founding president of the New Development Bank and chief executive officer of ICICI Bank for 13 years until 2009.
According to a projection by the International Monetary Fund (IMF), India’s economy will contract 4.5 percent in FY21.
also read
Explained: Why Britain is experiencing more inflation than the EU and the US
The negative economic shock of Brexit, as well as the UK's reliance on its financial services sector, are factors exacerbating the country's inflationary troubles
Know how India remains the fastest growing economy in world with GDP at 6.1% in Q4 FY23
According to the data released on Wednesday, India saw a growth of 6.1 per cent between January and March (Q4) while Indonesia, the second to follow, grew 4.8 per cent. Countries like China, Mexico, US and Japan grew by 4.5 per cent, 3.8 per cent, 1.6 per cent and 1.3 per cent respectively
India to remain brightest spot in world economy with 5% growth in Jan-March quarter
India is set to release data on Wednesday that is expected to show the economy grew by 5 per cent in the January-March quarter from a year earlier, accelerating from 4.4 per cent in the previous quarter due to steady urban demand and government spending