Need to work with 'here and now' philosophy; concepts like deficit should be on hold for now: KV Kamath tells Network18

Veteran banker KV Kamath in an exclusive interview to Network18 Group Editor-in-Chief Rahul Joshi said that the government will have to play around with the deficit for it to do what it has to do.

FP Staff July 07, 2020 19:36:36 IST
Need to work with 'here and now' philosophy; concepts like deficit should be on hold for now: KV Kamath tells Network18

Stressing upon the need to put concepts like deficit on hold in the present extraordinary circumstances, veteran banker KV Kamath drew attention to the "need to work with 'here and now' philosophy" during an exclusive interview to Network18's Group Editor in Chief Rahul Joshi on Tuesday.

"As long as you don't do something that will permanently tear the fabric of economic growth, I think experiments will have to be done. For the government to do what it has to do, the deficit will have to be played around with," said Kamath, who was the Founding-President of New Development Bank and was CEO of ICICI Bank for 13 years until 2009.

Saying that this will be crucial for economic revival, Kamath also threw a ray of hope by adding that the contraction in the economy may not be much as is being anticipated by various economists and that the recovery might be a U-shaped recovery with a shallow base.

Updated Date:

also read

Thailand pro-democracy activists protest in Bangkok as PM survives no-confidence vote
World

Thailand pro-democracy activists protest in Bangkok as PM survives no-confidence vote

Ahead of the rally, police used shipping containers to block major routes to the advertised protest site at the central Lumphini Park where more than 300 protesters had planned to march

Twenty years after 9/11, Al-Qaeda is defeated but jihadism is here to stay
World

Twenty years after 9/11, Al-Qaeda is defeated but jihadism is here to stay

The highly publicised creation of al-Qaida “franchises” in Iraq and elsewhere including Egypt, North Africa and Yemen, among others, seemed to indicate the revival of al-Qaida.

9/11 and After: Long wars and shadows even longer
Photos

9/11 and After: Long wars and shadows even longer

Following the 2001 attacks on US soil, world affairs reordered abruptly; it fuelled a 20-year abroad and sparked anti-immigrant sentiment, primarily directed at Muslim countries