BRICS nation's National Development Bank chief K V Kamath has expressed his confidence that India will continue to grow on the back of its consumption-driven economy. He also said that global economic uncertainty may not have much impact on India. However, he also cautioned against excessive populism and said that the country should do what is right and what is required and the first focus should be on driving economic growth, and then it can be ensured that fruits of it reach others to deliver inclusiveness of the growth story.
Talking about the demonitisation at the World Economic Forum Annual Meeting, Kamath has stated that the move would have only a short-term blip after which country should be back on a clear growth path. He also said ‘I would think that within the timeframe that the government announced the move, I can see most of the things coming back to normal already. Probably the government wants the rest of the things to be digital because if we can leapfrog to a digital world, a whole lot of ills of the past can be addressed’.
On inclusive growth and country being ranked very low, including in a WEF report, Kamath has said that the whole issue of inclusion needs to be looked at in a context that where should one start. He also said that at times, the people tend to say that instead of investing in roads and linkages, put the money somewhere else. The point is the roads and hard infrastructure gives the economic momentum and only from that economy momentum you will get the fruits of growth which reach many.