India will manage governance deficit; no impact on growth: ICICI

Davos: Undeterred by the murmur over governance deficit impacting growth in India, ICICI Bank CEO and managing director Chanda Kochhar today exuded confidence that the leadership will manage these issues as the nation moves ahead on the high growth path, reports PTI.

"I have confidence that we will be able to manage these issues and not allow them to dampen growth", she told PTI in an interview when asked whether governance deficit could hurt growth prospects.

Pointing out that these issues arise with opportunities, Ms Kochhar, said, "We have to handle these issues and not ignore them...Will these issue become big for diaspora? I think not."

Ms Kochhar is here as one of the six co-chairs of the annual meeting of the World Economic Forum being attended by the world's top CEOs, heads of states, academicians and even faith leaders.

"It is possible for us to handle it (issues of corruption). We will have to say that we will handle it. I am very optimistic that we have the capability to handle it," said Ms Kochhar.

Expressing disappointment at the performance of the Indian government, noted industrialist and Wipro chairman Azim Premji yesterday told a television channel, "I think it is a national calamity and is personally very devastating because one had so much confidence when they (UPA-II) came in.

"One has reached a point in public governance where one has to take stock... Enough is enough, we have to reform ourselves. If we don't do that, we are not going to leave children behind us proud of the country, despite 8%-9% (economic) growth," Mr Premji had said.

Mr Premji, along with other prominent personalities, including Mahindra & Mahindra chairman Keshub Mahindra, HDFC chairman Deepak Parekh, former RBI governors M Narasimham and Bimal Jalan, in an open letter to the Indian government had expressed concern over a series of scams that pointed toward a "governance deficit".

In the letter, they had asked the government to deal with burning issues like corruption urgently.

India has recorded a growth rate of 8.9% during the first half 2010-11 and hopes to end the fiscal with a growth rate of around 9%, up from 7.4% in the previous fiscal.

User

A one-way relationship

Bank relationship managers are increasingly turning out to be confidence tricksters

A few years...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Will the Wall come down?

Global investors are bracing for the end of China's relentless economic growth, with 45% saying they expect a financial crisis there within five years.

Read Article...

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)