India is set to grow at 7.5 per cent this fiscal despite the global slowdown and can also very well aspire for a 10 per cent growth rate in the long run, according to ICICI Bank [Get Quote] chief K V Kamath.

"Now there is a dispute that are we going to grow at 7.5 to 8 per cent, 7 per cent, 7 to 8 per cent. I believe we will grow at 7.5 per cent and we can honestly aspire for 10 per cent," the bank's managing director and CEO K V Kamath said in New Delhi on Tuesday while addressing a function to celebrate the National Consumers' Day.

"We have moved from the mantra of five per cent growth to an aspiration of 10 per cent growth," said Kamath, who has been designated to be the Chairman of the largest private lender in the country from May 2009.

Kamath noted that the consumer is helping drive the growth.

"Who is making it (growth) possible, the consumer is making it possible. Because what you buy is driving growth and what you save is driving growth," he said.

Kamath said if the country grows between 8 per cent and 10 per cent, 10 million more Indians would get jobs and they will raise consumption levels and thereby drive growth.

"So 10 million youngsters coming into the job market is creating 10 million consumers. And those consumer will drive our economy."

As economy heads for a 10 per cent growth paradigm with young consumer as the key driver, Kamath said, "We need to establish a way in which business whether it is  manufacturing or otherwise connects with his countrymen".

Stressing a revolution in customer activities, Kamath said only 10 per cent of people go to branch of ICICI Bank these days and 90 per cent prefer transaction through other means such as ATMs, call centres and Internet.

Moreover, 25 per cent of these transactions are happening online, he added.

This is in contrast to the scenario eight years ago when '90 per cent of our transactions took place in branches'.

However, with increased financial transactions online the call for safety and awareness gets louder, he said.

"When this transaction now migrates to what I call space, the propensity for fraud increases dramatically, the propensity to be misled increases dramatically, propensity to hijack your account by someone else increases dramatically," he added.

While the customer needs awareness on a wide range of products, a higher level of safety and consciousness needs to be built in the context of financial products, Kamath said.