CII Predicts Indian Economic Growth Rate

Industry body Confederation of Indian Industry (CII) predicted that India’s economic growth rate for 2017-18 will range between 7.5 and eight per cent.

According to newly elected CII President Shobana Kamineni, country’s strong economic fundamentals and introduction and implementation of key reforms such as the Goods and Services Tax (GST) system will be the key growth drivers during the current fiscal.

Kamineni, also the Executive Vice-Chairperson of Apollo Hospitals Enterprise (AHEL), said the growth rate band will also depend on normal monsoon and a slight improvement in the global economic environment. “The growth band that we are looking at is 7.5 to eight percent. This is based on a normal monsoon, somewhat improved global climate, and India’s own strong macroeconomic fundamentals,” Kamineni said.

“The global GDP (gross domestic product) growth is a major determinant of our growth, and unfortunately, the world has not fully recovered from the global financial crisis. In this context, the Indian government’s proactive reform policies are opening up new opportunities and new space for growth.”

Further, Kamineni predicted that India’s growth rate can build up to a 10 percent over the next three years. “It is possible to target one percent additional growth each year to reach 10 percent in the next three years,” Kamineni said.

No comments:

Post a Comment