He said the Indian currency would continue to appreciate further in future. “If I were in company management, I would allow at least Rs 2 per year or Re 1 a year strengthening,” he told corporates and industry representatives, implying that companies should be prepared for a Re 1 rise in the Indian unit against the dollar per year. The rupee has risen 13.7 per cent over a year.
Speaking at a manufacturing summit organised by the Confederation of Indian Industry, Kamath said the manufacturing sector, which clocked a growth rate of 12.5 per cent in 2006-07, is a star.
“Financial capital in not a challenge anymore as our markets are strong. What we are facing is the severe dearth of talented human capital and hence we need to enter into tie-ups with universities and customise programmes to suit the industry’s requirements.”said Mr. Kamath.