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This story is from April 5, 2009
Light at end of slump tunnel: Biz boss
Two days after Prime Minister Manmohan Singh said that India's GDP growth rate for the current fiscal will fall below 7%, ICICI Bank MD and CEO KV Kamath projected a similar outlook.
Speaking at the annual convocation of IIM-Calcutta on Saturday, Kamath said: "The situation has improved since December last year.
Further, the chief of India's largest private lender felt that the government's initiatives to battle the crisis had been effective and that the end was closer than many would perceive.
"The government responded admirably and the industry was granted almost everything that we had asked for. It has taken the rights steps.
The dark clouds that had gathered have now been blown away and we should be back on track soon. We should register close to 8% growth in 08-09, which will further accelerate subsequently," he said.
The ICICI Bank CEO, however, said that there was little scope for banks to reduce their interest rates unless the centre dealt with the disproportionate yield on the 10-year government bonds.
"You have a situation where there is near 0% inflation and a bond which is at almost 7%.
"Banks expecting it (bond yield) to be just below 5%, so you have a 2% disconnect. This has to be understood by the entire system, only then can the interest rates come down," he said.
He said that the increase in fiscal deficit, and consequently in government borrowing, was a cause for concern and urged the government to be more forthcoming.
"A clear articulation of how this (deficit) will be managed, along with measures to encourage external inflow into the country through channels like foreign currency deposits by non-residential Indians, would be important," Kamath said.
IIM-C to increase seats, develop infrastructure
Kolkata: IIM-C will increase the number of seats in its postgraduate programme for executives from the existing 60 to 120. For the VLMP programme, the number of seats will be increased to 60 from 30. The decision was taken at the board of governors' meeting of the institute before the 44th convocation on Saturday. The institute is also developing its infrastructure, keeping in view the additional student intake, which will reach 462 in 2010.
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