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  3. Indian economy likely to grow between 6-6.5% in FY14: CII survey

Indian economy likely to grow between 6-6.5% in FY14: CII survey

03 Jun 2013 Evaluate

As per the Confederation of Indian Industry (CII) survey, India’s economy is expected to grow within the range of 6-6.5 percent in 2013-14, while the wholesale price index inflation (WPI) may remain above 7 percent in the reported period. CII said in its survey report that majority of the respondents expect the GDP growth to improve and come in the range of 6.0-6.5 percent for the current fiscal on account of rise in new orders and better sales, which would be a healthy sign for the economy and bodes well for growth prospects. Meanwhile, the country’s economy witnessed a decade low growth of around 5 percent in 2012-13. 

The CII’s 83rd Business Outlook Survey is based on the responses from 180 members in which majority of respondents (57.1 percent) belonged to large-scale firms, while the rest were from the Micro, Small and Medium Enterprises (MSMEs). 

However, the survey added that 36 percent of the respondents expect GDP to grow below 6 percent in the current year, which indicates that the downside risks to growth have not abated yet. Regarding the wholesale price inflation (WPI), the respondent (around 40 percent) expect it to lie above 7 percent for the current fiscal which is way higher than CII’s forecast of 5.5-6.0 percent for the year. While, the wholesale price (WPI) based inflation fell to over three-year low of 4.89 percent in April, retail inflation was still high at 9.39 percent during the month.

Further, CII’s survey said that majority of the respondents expect credit availability to remain either stagnant or increase in the current fiscal. Referring to the issues to economy’s growth, it added that political instability, high level of corruption and infrastructure and institutional shortages emerged as the top three concerns for most firms. 

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