Confederation of Indian Industries (CII) President K V Kamath today described the current financial slow down as a mere "crisis of confidence" and hoped the confidence would be restored "with the right policy decisions very soon."
Kamath was speaking to the Business Standard after his meeting with the Finance Minister P Chidambram.
Asked whether he hoped that the right policy responses would at least come by next year, Kamath said: "No, it would be done very soon."
On his meeting with Chidambram, Kamath said they exchanged views on the current financial situation and he did not make any demand from the minister.
On the interest rate, Kamath, who is also Managing Director and CEO of the ICICI Bank said: "Interest rates is a signal of demand and supply. As the demand and supply warrants, the interest rates would be cut.’’
Kamath said, "I was the first one to ask for the slashing of the interest rates."
