The Indian economy is in a transition phase largely owing to important reforms undertaken in the last few years, a top Indian banker has said exuding confidence that the country’s growth rate will be back on track.”Growth can come back. Because of a lot of (reforms), economy is in transition as a lot of cleanup has happened in the corporate sector,” SBI Chairman Rajnish Kumar told press in an interview told the press. Kumar further said in terms of development, India is still not in the “developed” category. Besides, the per capita income is still low. There is huge scope for growth in India, and demographics is also not against India. Unlike many other developed countries where they are facing challenges on account of demographics, India does not have that kind of challenge at least for the time being, he said.
