Aadhaar will fast-track progress: KV Kamath

Making a strong case for proper implementation of the Unique Identification Number, (UID or Aadhaar number), K V Kamath, chairman of ICICI Bank and Infosys Limited stated that it would fast-track the Indian economy.

Kamath, addressing the Young Indians conclave organised by the Confederation of Indian Industry (CII) in Pune on Friday expressed optimism about the Indian economy picking up and gross domestic product (GDP) touching double digits.

"Aadhaar would help eliminate the middle layer and weed out of non-deserving beneficiaries. All this would happen once income levels are linked to Aadhaar. The work on that is going on now," he said. He said Aadhaar would allow for proper cost benefit analysis and is a worthwhile exercise.

Kamath said that the real estate market might see some corrections but dismissed fears of any economic meltdown owing to the credit crisis. Talking about the importance of technology in the banking sector, he stated that technology has ensured proper services for customers, and growth of the sector.

Speaking in the morning session of the conclave, Rajya Sabha MP and BJP spokesperson Prakash Javadekar stated that the youth require better training and job opportunities. He claimed that the country was facing a dearth of proper leadership and there was a power vacuum in the country. "Maybe this is the first time that power is separated from the seat of power," he remarked. Pointing out to outpouring of public anger and people taking to streets in large numbers, Javadekar stated that this was a sign of the dissatisfaction brewing among people.

Countering Javadekar, NCP MP Supriya Sule said the Prime Minister had shown strong political will in pushing the nuclear deal and FDI in retail.

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