India to grow at 8.6 percent: New CII chief

May 1st, 2008 - 3:34 pm ICT by admin  

New Delhi, May 1 (IANS) Indian industry will grow at 8.3-8.6 percent in 2008-09, driven by robust corporate performance, says K.V. Kamath, who took over as the new president of the confederation of industry (CII) Thursday. “Corporate India is growing at a pace not seen in the country’s history. Our economy should grow at over eight percent despite constraints,” Kamath said in his maiden press conference as the industry lobby’s president.

According to him, some $700 billion worth of investments were in the pipeline for India Inc - half in manufacturing and the remaining in infrastructure.

“There is no cutting back on that,” said Kamath, who is also the chief executive of ICICI Bank. “The share of manufacturing in India’s gross domestic product will go up to 25 percent by 2020 from 15 percent now.”

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