India likely to grow by 7-7.5 per cent in FY10, says Kamath

With greenshoots of economic recovery becoming visible, a top banker was  optimistic that India will record a growth of 7-7.5 per cent in this fiscal.

"Manufacturing sector has come back to the stream... Infrastructure, mainly power, is coming back in a big way... my belief is that we will see a growth of 7-7.5 per cent (in the current fiscal)," ICICI Bank, Chairman, K V Kamath told a conference on Monday.

In July this year, Reserve Bank projected atleast six per cent growth in the current fiscal on the back of an expected recovery in the world markets.

Kamath said if the weak monsoon pose hurdles to the agriculture output, the growth can moderate upto seven per cent, while it could be high at 7.5 per cent if the monsoon is favourable.

In the last three months, Kamath said, ICICI Bank seen its coprorate clients resuming their projects, which were shelved previously, on account of a sharp slowdown in the financial markets.

Key-sectors like oil, cement, auto and services sectors have started recovering from the slowdown, Kamath said.