Growth momentum will continue: KV Kamath

``In India, growth has been service sector lead instead of manufacturing sector as witnessed in other economies. Since the sequence is broken, it is going to create market in a much bigger way. Though we are seeing poor economic numbers, this is a passing phase, which will be corrected. Basic momentum is still sound and not derailed. Growth will continue``, emphasised Kamath, vice president, Confederation of Indian Industry (CII) and managing director & CEO of ICICI Bank at the interactive session `Leadership Ecosystem` organized by CII-Yi at Mumbai. The session had a cross section of audience which included students, farmers, young entrepreneurs and executives.

Speaking on the pointers which would inspire and motivate the youth of today, Kamath illustrated the demographic advantage that India has in comparison with the rest of the world and how with a young population of about a billion, growth opportunities are in abundance.

``Where South Asian economies have witnessed double digit growth for the past 10-15 years, Indian growth story is surely to grow for another decade or two. As India has grown from a per capita of USD 500- USD 1,000 today, next phase of growth will witness per capita rising from USD 1,000- USD 1,500 with urban regeneration and improvement in irrigation systems, ports and infrastructure``, commented Kamath.

Further at the CII-Yi session Kamath stressed on the requirement of inclusive growth. `How do you involve yourself in the creation of jobs? For the coming year, what is that you want to do which will make a visible difference to our country?`, questioned Kamath. He also emphasised that today`s generation should take efforts to ensure that ever single youth create one job or job opportunity, which will be a sure sign of growth.

When asked about the kind of support the financial services sector proposes to render to the farmers, Kamath emphasised that fair price for the agricultural products, building an entire market mechanism with market accessibility both local and global and creating systems to mitigate market risks is required for rural development.

The interactive session brought forth Kamath`s views on leadership, motivation and aspirations of the youth today in relation to the opportunities and challenges faced by them.

 

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