"The good news is growth is here to stay for a long time, during which we will see transformation", Kamath, who is ICICI Bank's non-Executive Chairman, said during a meet-the-press session organised by the Press Club here.
"If in the long term GDP is 10-12 per cent, growth in credit will have to be 20-24 per cent. I believe it will happen," he said, adding, he did not perceive any slowdown.
On a possible slowdown in the economy, he said, "I believe we have to wait and watch. While earlier it was a question of companies and individuals not faring well, this time around it was "governments not doing well".
"There is a certain risk and all understand the risk and adopt caution... The risk may not erupt into a slowdown... I do not see a slowdown as yet, I do not see it happening," Kamath, who is also chairman (non-executive) designate of Infosys Technologies, added.
He said though recognised growth statistics was around 8 per cent, around one-and-a-half per cent was estimated at un-counted growth and a similar percentage unaccounted growth, meaning "India as a country was growing at over 10 per cent".
He said the hypothesis was once a growth story commenced, it was expected to continue for a long time.
To a particular question on Anna Hazare-led corruption campaign, Kamath said: "What we need is a system of checks and balance. A middle ground will have to be formed to ensure how the checks and balances will be put in in without diluting the democratic process".