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Tuesday, December 29, 2009

ICICI sees 2010 infrastructure growth

Infrastructure, telecoms and health are expected to be among growth sectors for the economy next year, ICICI Bank Ltd Chief Executive Chanda Kochhar said in an interview published on Tuesday.

India's three-year investment of about $250 billion for industrial and infrastructure development will be a "growth multiplier", she told business daily Il Sole 24 Ore.

"In terms of organic growth, cement, steel and everything involved in infrastructure looks good, from power plants to highways," Kocchar said.

"In terms of inorganic growth, the spectrum is very broad. The first things that come to mind are health and telecommunications."

She said rural India was the next factor for growth by private banks such as ICICI, India's No.2 lender.

"But new banking methods are needed to lower the cost per transaction. I am thinking of biometric smart cards and mobile phones."

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