Growing optimism

Pessimism about India’s growth may be rife but not for ICICI Bank and Infosys Chairman K V Kamath. He feels India’s economy will grow at 10 per cent over the next decade. At a recent seminar he said this growth will have three constituents. “The first is the eight to 8.5 per cent estimated by different government agencies based on official data. This is what I call the recorded number. Second, there is a lot of growth that gets lost due to inefficiencies in our data collection mechanism, largely omissions. This is what I call the uncounted number. This could come to around one per cent. Third, there is growth that is not recorded in the system. This is what I call the unaccounted number and this will come to another one per cent,” Kamath said, adding, “I am a bull on the India story. This decade is ours to lose.”