Kamath calls for lowering funding costs to propel growth

ANI | Updated on: Saturday, August 08, 2020, 05:22 PM IST

Reserve Bank of India (RBI) |
Reserve Bank of India (RBI) |

New Delhi: India must have robust infrastructure and bring down the cost of funding if it aspires to grow at 10 per cent per year and compete with China, veteran banker KV Kamath said on Saturday.

"We can compete with China if we focus on investment opportunities, low cost of funding and execution excellence," he said while addressing the CII India@75 Summit.

"It is our destiny to grow at 10 per cent for the next 20 years because there is enough to do. All you have to see is that the efforts are channelled into a proper direction and proper hand-holding is there," said Kamath who has recently been called by the Reserve Bank of India (RBI) to frame rules for one-time restructuring of loans for stressed borrowers.

He said the COVID-19 crisis has accelerated agriculture reforms and a lot of activities are going back to villages.

"At the same time, digital disruption will enable us to ride this growth momentum and push towards making India a five trillion dollar economy in the next five years," said Kamath.

India@75 summit is a day-long virtual summit bringing together Indians from all walks of life and geographies to drive the vision of self-reliance.

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Published on: Saturday, August 08, 2020, 05:22 PM IST