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CII Expects India's Economy to Grow at 6.8%, Anticipates Acceleration to 7% in 2024-25

December 07, 2023

CII Expects India's Economy to Grow at 6.8%, Anticipates Acceleration to 7% in 2024-25

The Confederation of Indian Industry (CII) anticipates India’s economy to grow at 6.8% in the current fiscal year, with a further acceleration to 7% in 2024-25. CII President R Dinesh, also the Executive Vice Chairman of TVS Supply Chain Solutions, stated in an interview with PTI that these projections reflect the government’s sustained emphasis on infrastructure development and facilitating ease of doing business.

Dinesh highlighted that the initially estimated GDP growth of 6.5-6.7% by the industry body has been revised to 6.8%, emphasizing that this is a conservative estimate. He noted the positive economic indicators in the first half of the fiscal year and expressed confidence in the country’s growth trajectory.

Commenting on the recent state elections, Dinesh remarked that both the stock market and the industry prefer policy continuity. The victory of BJP in major states and the Congress in Telangana signals a desire for stability in policy decisions.

CII President emphasized that India is currently in a “sweet spot,” attributing it to the government’s focus on infrastructure and efforts to enhance the ease of doing business. India’s economy had already recorded a growth of 7.7% in the first half of the fiscal year, ending in September.

Regarding the possibility of an interest rate cut in the upcoming RBI bi-monthly monetary policy review, Dinesh stated that they are not seeking a cut at the moment due to prevailing inflation above the RBI’s set benchmark of 4%. He expressed optimism about increased private sector investments in the second half of the fiscal year, citing a positive response from CII members in a recent survey.

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