Green shoots of recovery visible

ICICI Bank chairman KV Kamath on Friday predicted that the worst slowdown in the decade will likely end in a year as green shoots of recovery are clearly visible.

On a day when the Prime Ministers Economic Advisory Council slashed the growth forecast to 5.3 per cent,Kamath said,When I talk of green shoots I need to mention two or three things which have not fallen off the cliff. There are 1.2 billion people and their aspirations,rural India will continue to drive the economy and the services sector… all will accelerate the growth of green shoots of confidence.

Kamath said the decisions taken by finance minister P Chidambaram some time last year are now bearing fruits. The virtuous cycle of growth is kicking in,We are probably looking at the low point in our growth, he said while giving a lecture organised by the Mumbai University and the Indian Merchants Chamber.