Credit to multinationals is picking up in India, even while Indian companies are a little uncertain because of the elections and of course new entrants are perhaps waiting also for the elections.” Part of his optimism is based on the fact India is one of the world’s fastest-growing economies, with major infrastructure and energy projects slated to transform the nation in coming years.
“I’m hopeful as that comes, we will start seeing a slow pickup in growth away from the 5 per cent [pace] it has been trundling over the past few quarters and back to the sixes and sevens.” He argues India is still 10 to 12 years behind China when it comes to pursuing growth boosting reforms.