India's economic revival will be fast: Chanda

Wednesday, 29 April 2009, 02:32 Hrs   |    1 Comments
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New Delhi: The Indian economy will recover "quick and fast", though sectors such as realty and auto will take some to revive, according to ICICI Bank joint managing director Chanda Kochhar.

"India is in a much better economic position than many countries. We have a very strong domestic market, driven by strong consumer base. So the outlook is very positive," Kochhar told IANS on the sidelines of a business meet.

Maintaining that there were clear signs of recovery in the steel and cement sectors, she said: "However, there are other sectors where the situation is not so good. In sectors like realty and auto sector, revival will not happen very soon. It will take some time but the overall revival of the economy will be very quick and fast."

Kochhar was Tuesday given the 'Women of Excellence' award by the women's wing of the Federation of India Chamber of Commerce and Industry (FICCI). Twenty-five women, including Kochhar, HSBC country head Naina Lal Kidwai, Kinetic Engineering managing director Sulajja Firodia Motwani, actress Sharmila Tagore and Kathak exponent Shovana Narayan, were honoured.

Kochhar will take charge as ICICI Bank's chief executive and managing director May 1, succeeding K.V. Kamath who will retire June 30. About her new role, Kochhar said the bank would see many positive and strategic changes in policies.

Once again, she affirmed that liquidity was not a problem.

"The Indian financial sector has a very comfortable liquidity situation. Liquidity is not a problem. Also there is enough room for interest rate correction. However, we have to watch for how the economy turns," Kochhar said.
Source: IANS
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