'Positive movements in economy, 5.5 pc GDP achievable'

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SME Times News Bureau | 08 Aug, 2014
There are some signs of positive movements in the Indian economy and a gross domestic product (GDP) growth of 5.5 percent is achieveable, Chanda Kochhar, chief executive officer and managing director of ICICI Bank, said in New Delhi Thursday.

"There are some signs of positive movements in the economy, like coal allocation has started taking place and passenger car sales have gone up," Kochhar said at an interactive session on 'The Woman on Top' organised by the Young Ficci Ladies Organisation (YFLO).

"A 5.5 percent GDP growth target is achievable," she added.

However, fiscal consolidation is important, she added.

Talking about expectations on rate cuts by the Reserve Bank of India (RBI), the apex bank, Kochhar said: "Rate cut is expected by the end of the fiscal."

When YFLO chairperson Avarna Jain asked about her view on the new BJP-led government and the tasks at its hand, Kochhar said: "There is a lot that needs to be done. Firstly, the government needs to clear bottlenecks for the ongoing projects. The government needs to create environment congenial for people to do business. There must be ease of doing business.

"Roll out of GST (goods and services tax) can add to the GDP and it is important for the government to manage the supply side well so that inflation comes down."