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Talking of Interest rates - Indian middle class would do well to remember the contribution of two unsung heroes of that move- NN Vaghul & KV Kamath; latter single handedly demolished the carefully crafted high interest regime mastered by likes of Deepak Parekhs/ Keki Dadiseths!
Ofcourse ABV Govt policies made that happen but fact remains that but for that assault on high interest regime by Kamath led ICICI, cars and houses would have remained a distant dream for middle class. HDFC used to charge upwards of 22% on home loans
Guess what, check net worth of Deepak Parekh and Keki and compare it with that of Kamath - you would know who reaped biggest benefit of this expansion of growth. But fact remains that Kamath is an unsung hero of Indian Middle Class for whatever he did in mid 90s and early 2000s
