ICICI Bank 2014 Annual Report Download - page 5

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steps alone would ease the stress on the corporate
sector significantly and help to bring back confidence.
The second area of focus would be to clearly articulate
the approach towards key areas of policy, such as
taxation, access to land and natural resources and
balancing the needs of growth with the issues of
environmental protection and climate change. A clear
articulation of policy and speed of decision making
thereafter would be essential to regain momentum in
infrastructural and industrial investment.
Finally on a longer-term basis, there are structural
factors that need to be addressed. These include the
twin deficits and the persistent supply-side causes of
inflation. The government would have to put in place
a strategy to address these issues in the context
of the country’s need and aspiration for sustained
high growth.
Last year, I had spoken about technology and its
impact on disruptive innovation in several industries.
It is essential that as a country, we are not only
receptive to this technology-driven change but
have the capacity to chalk out a path to being a
technology-driver in the near future. Innovation driven
by technology is changing the world as we see it,
underpinned by rapidly declining costs of storing,
processing and accessing data through growth of
low-cost communications capacity. With a mobile
internet user base which is expected to reach a figure
of 185 million by June 2014, Indian consumers are at
the forefront of adopting the technological revolution.
It is essential for our government and our corporates
to adapt to this change and drive this transformation
of the way we live and work.
The ICICI Group continues to focus on increasing
shareholder value in a responsible and conscientious
manner, capitalising on opportunities while calibrating
growth to developments in the environment. This
approach, I believe, will continue to drive strong
performance for the organisation in the years ahead.
With best wishes,
K. V. Kamath
Annual Report 2013-2014 3