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Our Bureau

Mr K.V. Kamath

New Delhi, April 21

"We are in the initial phases of the growth of our economy... and a growth rate of nine per cent is indeed sustainable over long periods of time," said Mr K.V. Kamath, Managing Director, ICICI Bank. Speaking at the 41st convocation of the Indian Institute of Foreign Trade, he said Japan grew at 8.5 per cent for 20 years after World War II and China grew at 9.5 per cent for 25 years since it began the reforms process.

The Indian economy has the same characteristics as the economies of Japan and China in the early years of their growth like favourable demographics, right competitiveness of the industry and rising saving rate. We can reasonably expect these growth rates to sustain for the next 15-20 years."

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