``A more realiastic figure would be around Rs 18,000-19,000 crore -- that is, a growth of 20-25 per cent over last year's disbursement of Rs 15,000 crore,'' Chakrabarti said.

In the first half of 1998-99, IDBI has already disbursed around Rs 6,500 crore. ``Although the second-half is normally better in terms of disbursements, we will not be able to meet our target. The revision is, therefore, necessary,'' Chakrabarti added.

He, however, did not say if the sanctions target of Rs 29,000 crore for the current fiscal would also be downsized.

According to Chakrabarti, who was in New Delhi in connection with IDBI's latest bond issue, Flexibond 5, said infrastructure is a major thrust for for the Mumbai-based institution. So far in the current fiscal, IDBI has sanctioned around Rs 868 crore for such projects, which is around 15 per cent of its total networth. ``We are also looking at high-growth sectors like information technology and pharmaceutucals,'' he said.

In sectors like iron and steel, cement, chemicals and paper (which account for around 36 per cent of IDBI's total loan portfolio), Chakrabarti said a revival could be round the corner, although it may take some time. ``Steps like the implementation of the recomendation of the working committee on steel, imposition of anti-dumping duty are in the positive direction,'' he added. Apart from its core activity of project lending, Chakrabarti said IDBI had made a foray into areas like equipment financing, corporate loans and working capital finance.

On the recent downgrading of IDBI's rating by Standard & Poor's, Chakrabarti said it was "a step in haste" on the part of the rating agency. ``Standard & Poor's probably took only a short-term view. However, IDBI is a long-term institution and should be viewed in that respect only.'' He said IDBI's long-term prospects are bright and denied rumours that its non-performing assets are rising. ``The bank's NPAs are only 10.5-11 per cent of the total assets, which clearly shows that NPAs are under reasonable limit,'' he added.