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CII forecasts 6.5-6.7% GDP growth for India in 2023-24

04 Jun '23
2 min read
Pic: Shutterstock/WESTOCK PRODUCTIONS
Pic: Shutterstock/WESTOCK PRODUCTIONS

Insights

  • The CII projects India's GDP growth of 6.5-6.7 per cent for 2023-24 and a decade growth of 7.8 per cent (FY22-FY31), powered by government policies, robust capex, and domestic drivers.
  • President R Dinesh outlined eight areas requiring focus for continued growth.
  • CII also plans to launch Quality Mission 2.0, setting global benchmarks for manufacturing.
The Confederation of Indian Industry (CII) is optimistic about India’s gross domestic product (GDP) growth, projecting a range of 6.5-6.7 per cent in 2023-24. This will be bolstered by robust government capex momentum and resilient domestic drivers, according to CII president R Dinesh.

“The Indian economy remains resilient in the face of a challenging global environment, and we do not anticipate major domestic roadblocks in the year ahead,” he stated, adding that corporate balance sheets’ health and a well-capitalised financial system underpin this resilience.

Dinesh highlighted India’s medium-term growth prospects, forecasting a GDP growth of 7.8 per cent over the next decade (FY22-FY31) due to multi-dimensional reforms and increased capital investments, according to a media release by the CII.

The pragmatic and transformational policies of the government, which continued through the pandemic, helped catalyse a sharp economic recovery and the resilience in growth that India is witnessing, Dinesh explained.

Looking forward, the CII president identified eight key areas needing attention for continued growth. These include creating consensus on key next-generation reforms such as land, labour, agriculture and power; financing growth at lower costs; trade and investment interventions targeting $2 trillion in exports; ensuring easy availability of land for industrial use; decriminalising all business and economic laws, and continued thrust on the Ease of Doing Business initiative.

Dinesh emphasised that trust is a vital element for future growth, stating, “Trust needs to be built between business and government, business and business, and business and community and society, including media.”

In an effort to further this goal, the CII plans to launch Quality Mission 2.0. The first Quality Mission in 1998 led to the setting of standards by the government. The new mission will now align with global requirements, setting quality standards and benchmarks for services as well as manufacturing.

Fibre2Fashion News Desk (NB)

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