ICICI Bank's Chanda Kochhar all praise for Indian 'reforms' at WEF

Chanda Kochhar

Recent reforms by Indian government to push economic growth have dispelled fears of policy paralysis, while some more steps are needed for reviving investments and ensuring that household savings go into productive sectors, Chanda Kochhar said today.

She said positive momentum is expected to be seen in the Indian economy going forward.

On the macro-economic scenario, Kochhar, ICICI Bank MD and CEO, said in an interview: "Firstly, with inflation stabilising, monetary policy is likely to be supportive of growth.

"Secondly, the recent policy actions by the government, such as the steps with respect to fiscal consolidation and the passage of key legislations, have demonstrated its commitment to creating an enabling environment for growth, and gone a long way in dispelling the fear of policy paralysis."

Kochhar, who is here for the World Economic Forum's annual meeting added: "Thirdly, India's growth is driven by strong domestic factors, as a result of which we are much better placed than other countries.

"We need to focus on reviving the investment cycle, for which we need effective decision making to ensure that projects move on the ground. Looking at the world, we are seeing a recovery in China and some positive indicators in the US, though resolution of fiscal issues in the US remains a key factor to watch."

About the global economic scenario, Kochhar said Europe is seeing continuing growth challenges, but policy measures taken in the last few months have helped to stabilise markets and substantially remove the risk of a systemic shock event.

Asked about her wish list for this year's Union Budget, she said: "All stakeholders are keenly awaiting the Budget's it comes on the back of a range of policy measures announced by the government.

"We hope tat the Budget would take forward the process of fiscal consolidation and at the same time focus on measures that promote growth."

... contd.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.