ID :
12573
Tue, 07/15/2008 - 16:51
Auther :
Shortlink :
http://m.oananews.org//node/12573
The shortlink copeid
Economy not slowing down: C.I.I.
Bangalore, Jul 15 (PTI) - Strongly denying that economy is slowing down, Confederation of Indian Industry (C.I.I.) President K.V. Kamath Monday said one has to see India Inc'sperformance in the next two quarters to pass a judgement.
Pointing out that corporates have an investment pipeline of U.S.D. 700 billion to U.S.D. 750 billion, Kamath, also the Managing Director and C.E.O. of I.C.I.C.I. Bank, said thereare reports that order book of companies now is "much higher".
"I am not seeing slowdown," he said at a C.I.I. functionhere and later interacting with journalists.
He wondered how some people were talking about slowdown.
"Where slowdown scenario has come," he said.
Kamath said inflation and surging oil and commodity prices are challenges but noted that "what's insulating us is the huge pipeline of investment that's happening" and also the fact that services sector contributes to around 60 percent of India's G.D.P.
Corporate India has an investment pipeline of U.S.D. 700 billion to U.S.D. 750 billion, Kamath said, adding that there are reports that order book of companies now is "much higher"than it was at the same time last year.
"Investment is not going to be a challenge," he saidfurther.
Kamath said global scenario is clearly under pressure and there are a "whole lot of gloom" but added "We (India) will grow despite what's happening around us." Asked if the consumer credit has slowed down, he said "consumer credit is already slow. On the corporate side, credit offtake is excellent." He said the liquidity situation was comfortable a whileback but successive hike in C.R.R. had a desired impact.
On the nuclear deal with the U.S., the C.I.I. President said the biggest beneficiary is going to be the power sector in India. Indian industries would also benefit from havingbetter power supply, he said.
Kamath said the theme of C.I.I. for 2008-09 is 'India @ 75: The Emerging Agenda', a comprehensive vision to facilitate India's transformation into an economically strong, technologically vital and ethically sound global leader by2022.
Pointing out that corporates have an investment pipeline of U.S.D. 700 billion to U.S.D. 750 billion, Kamath, also the Managing Director and C.E.O. of I.C.I.C.I. Bank, said thereare reports that order book of companies now is "much higher".
"I am not seeing slowdown," he said at a C.I.I. functionhere and later interacting with journalists.
He wondered how some people were talking about slowdown.
"Where slowdown scenario has come," he said.
Kamath said inflation and surging oil and commodity prices are challenges but noted that "what's insulating us is the huge pipeline of investment that's happening" and also the fact that services sector contributes to around 60 percent of India's G.D.P.
Corporate India has an investment pipeline of U.S.D. 700 billion to U.S.D. 750 billion, Kamath said, adding that there are reports that order book of companies now is "much higher"than it was at the same time last year.
"Investment is not going to be a challenge," he saidfurther.
Kamath said global scenario is clearly under pressure and there are a "whole lot of gloom" but added "We (India) will grow despite what's happening around us." Asked if the consumer credit has slowed down, he said "consumer credit is already slow. On the corporate side, credit offtake is excellent." He said the liquidity situation was comfortable a whileback but successive hike in C.R.R. had a desired impact.
On the nuclear deal with the U.S., the C.I.I. President said the biggest beneficiary is going to be the power sector in India. Indian industries would also benefit from havingbetter power supply, he said.
Kamath said the theme of C.I.I. for 2008-09 is 'India @ 75: The Emerging Agenda', a comprehensive vision to facilitate India's transformation into an economically strong, technologically vital and ethically sound global leader by2022.
