'RBI action on key interest rates will not hamper growth'

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RBI's decision to keep key interest rates unchanged in its mid-quarter montetary policy review would not hamper growth, Genpact Vice Chairman Pramod Bhasin said. RBI's decision to keep key interest rates unchanged in its mid-quarter montetary policy review would not hamper growth, Genpact Vice Chairman Pramod Bhasin said.
SummaryRBI's decision to keep key interest rates unchanged in its mid-quarter montetary policy review would not hamper growth, Genpact Vice Chairman Pramod Bhasin said.

RBI's decision to keep key interest rates unchanged in its mid-quarter montetary policy review would not hamper growth, Genpact Vice Chairman Pramod Bhasin said.

"I don't think so... Our industry does not directly depend on RBI rates. It depends on the impact of those rates on the economic environment around us, but I really feel in India that we are back on an upswing," he told reporters on the sidelines of the Third Knowledge and Professional Services Summit here.

He also said India has started to see the growth momentum which is an encouraging sign. "I just hope it is maintained right through up to the election. I hope the prospects of election does not deter us from this path," he added.

To a query on the overall picture on macro environment for the IT industry, Bhasin said the industry would do well, but it was not possible to say whether it would be a spectacular year with Europe going through "hard times" and US recovering slowly.

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Bhasin also said he did not think there would be 'huge hiccups' for the IT industry, though there was need to plan

for high growth because of the global uncertainty.

"Having said that, there is one element I see happening which is very encouraging and that is use of technology and business processes are getting much more acceptable across the world by all companies. I think as long is it is acceptable, I think it will significantly improve prospects for our industry," he said.

Bhasin further said development and deployment of technology would continue to be the key forerunner for productivity and efficiency.

He also thought more companies would focus on development and deployment of technology and to that extent those who have the expertise in a particular area should do well.

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