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  3. India’s economy to grow at 6.8% in current fiscal: CII

India’s economy to grow at 6.8% in current fiscal: CII

07 Dec 2023 Evaluate

Taking into consideration the government's continued focus on infrastructure development and promotion of ease of doing business, industry chamber -- the Confederation of Indian Industry (CII) expects India’s economy to grow at 6.8 per cent in the current fiscal and accelerate to 7 per cent in 2024-25. CII President R Dinesh has said even on a conservative basis, the expected gross domestic product (GDP) growth of 6.8 per cent will be more than the 6.5-6.7 per cent estimated earlier by the industry body.

Regarding growth projections, the CII President said ‘In the beginning, we had said 6.5-6.7 per cent. Now, actually, we are saying it is going to be 6.8 per cent for this year, and we are looking at 7 per cent for next year. Obviously, the first half has given the comfort for 6.8 per cent. In fact, I would say it is a conservative number because if you look at what has happened in the first half, we are being conservative here’.

According to him, India is in a ‘sweet spot’, owing to various reasons, including the government's focus on infrastructure and the push for ease of doing business. India's economy recorded a growth of 7.7 per cent in the first half of the current fiscal ended in September. About the possibility of an interest rate cut by the RBI in its upcoming bi-monthly monetary policy review, he said ‘We are not asking for that (interest rate cut) at all because we don't believe that it's the right time to ask because inflation is above the benchmark (4 per cent), which they (RBI) have set for themselves’.

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