Lack of clarity on policies, not corruption, is what is holding back India’s growth, according to K. V. Kamath, Chairman, ICICI Bank.
“Corruption is very serious and debilitating…..Policy making mixed with corruption is dangerous,” said Kamath. He was addressing the University of Michigan India Alumni Association here.
Kamath said projects in sectors like power and road have been put on the back burner and the tendency to reverse the decisions on projects in sectors such as telecom are big sticking points.
“Fundamental growth drivers in India are unimpaired and states such as UP, Bihar will grow how India has grown in the past 10 years,” he said.
Kamath pointed out that skills at the basic level are missing in India. “Jobs exist but there are not enough people with the right skills. Skills at the graduation level or professional level are required. Hence, the major challenge lies in making sure the curriculum is reassessed — we must redo the curriculum from KG to the 12th grade.”