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

“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)