CII Expects India’s GDP Growth to Reach 6.5-6.7% for FY24, Predicts 7.8% Growth in the Next Decade

Impact on our eyes, ears, and brain
Impact on our eyes, ears, and brain

CII President Outlines Enabling Reforms for Sustainable Growth; Emphasizes Building Trust and Quality Mission 2.0

The Confederation of Indian Industry (CII) has estimated that India’s GDP growth for the fiscal year 2023-24 will be in the range of 6.5-6.7%. The newly-appointed CII President, Mr. R Dinesh, expressed confidence in the resilience of the Indian economy despite the challenging global environment. He cited strong domestic drivers and the government’s robust capital expenditure momentum as factors supporting the projected growth.

Mr. Dinesh further highlighted that India’s medium-term growth prospects are healthy, with a predicted compound annual growth rate (CAGR) of 7.8% in the next decade (FY22-FY31). This represents a significant improvement compared to the 6.6% growth rate witnessed in the previous decade, excluding the pandemic year of FY21. The President attributed the anticipated growth to capital investments by the government and expected fresh investments from the private sector, coupled with productivity-enhancing reforms like GST, taxation, and the Insolvency and Bankruptcy Code (IBC).

Recognizing the government’s pragmatic and transformational policies and initiatives, Mr. Dinesh emphasized the need for enabling reforms to sustain a growth rate of over 7.5%. He outlined eight key areas of focus for the government, including factor market reforms, financing growth, trade and investment interventions, agriculture sector reforms, managing energy transition, ensuring availability of industrial land, decriminalization of business and economic laws, and continued emphasis on ease of doing business.

In addition to the enabling reforms, Mr. Dinesh stressed the importance of building trust among various stakeholders, including the business community, government, and society. He announced the launch of CII’s Quality Mission 2.0, which aims to set best quality standards and benchmarks for services, including health facilities, tourism, and other sectors. The mission aligns with global requirements and seeks to enhance industry trust by ensuring quality across various domains.

CII’s key action priorities for the coming year include livelihood business, tourism, wellness, skill development, and future technologies. With a positive growth outlook and a focus on reforms and trust-building, CII aims to contribute to India’s sustainable economic development.

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