ICICI Bank 2011 Annual Report Download - page 4
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K.V. KAMATH Chairman
Message from the Chairman
The year gone by has seen several developments
in the economic landscape in India and globally.
The United States has shown signs of recovery,
and global financial markets have been relatively
stable. At the same time, continuing concerns
over the fiscal position of countries in Europe,
events in the middle-east and north Africa,
rising oil prices and emerging inflationary trends
in many countries have emerged as challenges
impacting the global growth outlook.
India continues to be well-placed to achieve
robust economic growth, in a challenging
environment. Investment in infrastructure,
urban development & rejuvenation, the growth
of the rural economy and financial inclusion will
be the key factors that will shape India in the
coming decade.
Investment in infrastructure will be a key driver
of India’s growth in the coming years. The
Government of India is targeting infrastructure
investment of USD 1 trillion between 2012
and 2017. This will cover the whole gamut of
infrastructure that forms the backbone of an
economy: power, communications, transport,
water resources management and so on. An
investment of this magnitude will have significant
positive implications for the economy, in terms
of improvement in productivity, demand for
various input goods and services, job creation
and income growth.
Economic growth and investment in
infrastructure will drive urban development
and urban rejuvenation. This will take many
forms – modernisation and redevelopment
2