‘Atmanirbhar is The Call of The Day'

Veteran banker KV Kamath on how India can become an alternative manufacturing location to China for global companies, why recovery is certain despite the Covid challenge and how lower interest rates will be critical for the survival of banks

- Rahul Joshi

KV Kamath, founding president of the New Development Bank (NDB), on July 6 stepped down from his position after a five-year tenure in Shanghai. The multilateral bank was set up by India along with Russia, Brazil, South Africa and China. Kamath, former chairman of Infosys and a business leader whose understanding of China is second to none, breaks his silence on several issues in an exclusive interview with the managing director and group editor-in-chief of Network18. Edited excerpts:

Q You were NDB’s first president. What would you count as your biggest achievements in the last five years?

I think making a simple statement that countries of the South can come together, stand on their own feet, and spell out their own destinies. That’s what NDB proved… you have a bank by and for the countries of the South.

Q How many loans have you disbursed and for what?

We have lent to all five members. The loan book in terms of approval is around $18 billion whereas the disbursement book is around $4 billion. In a development bank, business happens with a lag, so it will ramp up in the next two years. The growth has been upwards of virtually 100 percent for each of the last three years. Capital has come in time and the loan book has also grown at a robust pace.

Q What are the big challenges for the bank given the India-China standoff?