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India to grow at 8.6% for next 5 years, says bullish Kamath

India to grow at 8.6% for next 5 years, says bullish Kamath
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First Published: Thu, May 22 2008. 05 42 PM IST
Updated: Thu, May 22 2008. 05 42 PM IST
PTI
Mumbai: Stating that India is not witnessing a slowdown in investment, Confederation of Indian Industry President K V Kamath said today the country would continue to grow at a healthy rate of 8.6% for the next five years.
“Personally, I think India would continue to grow at 10%. But going by CII figures, India’s growth rate would be 8.3% to 8.6% in the next five years,” he told reporters here.
Kamath, who heads India’s second largest lender, ICICI Bank, said the economic fundamentals of the country are strong. “Our savings rate is 35% and our investment rate is 36%.
He said there is no slowdown in investment in the country, one of the fastest-growing major economies which is currently focusing on controlling soaring inflation that has hit a four-year high.
“About $700 billion is being invested in the country,” Kamath pointed out.
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First Published: Thu, May 22 2008. 05 42 PM IST