Rural India to be new engine for double digit growth: Kamath


Thrissur: India’s current economic growth would continue for at least 15-20 years and rural India would be the new engine for a double digit growth, chairman of the ICICI Bank Limited K. V. Kamath said.

Delivering the third V.O. Abraham Memorial Lecture on “The Dawn of the Indian Decade: 2010-2020” here on January 11, Kamath said that this would be India’s decade.

India would also emerge as the largest contributor to the global workforce and global innovations in the current decade, he said.

The shares traded at the Bombay Stock Exchange (BSE -100 Index) was at $ 28 billion in 1995, shot up to $ 84 billion in 2000 and $ 170 billion in 20l0.

The net profits over the transactions was which was $ 3 billion in 1995, rose to $ 4 billion in 2000 and $ 20 billion in 2010, he observed.

Despite the global recession, the country’s per capita income has gone up to $ 1,000 from $ 500 during the past five years, which is a tremendous achievement, he said. India is poised for another steep change in the decade based on domestic drivers and growing global relevance, Kamath said, adding that key priority should be given for infrastructural development — roads, rails, power, ports, airports and other basic factors.

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