KV Kamath says economy to see 'little pain' before recovery: Report

The Indian economy, which is facing contraction right now, will see "a little bit of pain" before it recovers, veteran banker and former head of Asian Development Bank KV Kamath told Network18 in an interview.

"Will see a little bit of pain before we come out of it," Kamath said, noting that economic contraction may not be much as it is being anticipated by various economists.

"The landing will not be as hard as anticipated. Rebound is faster than what most of us thought would be. The economy may see a shallow U-shaped recovery," he told the publication.

He lauded the government's Aatmirbharat Bharat scheme and said measures taken by the government have worked well for the economy, he added, and also commended the Aatmirbharat Bharat scheme.

Kamath, 72, who was the Founding-President of the New Development Bank and Chief Executive Officer (CEO) of ICICI Bank for 13 years until 2009, said he is most optimistic about farm employment. He said that agriculture has come back very quickly and rural India has been less affected by the challenges.

In the interview, Kamath also rejected speculation that he will be taking up a role in the Union Cabinet. The veteran banker said he is "absolutely not looking at any government role now".

Earlier, multiple reports stated that Prime Minister Narendra Modi may tap Kamath, an alumnus of IIM-Ahmedabad, for a senior role in Indian government.