India’s GDP Has Potential to Grow at 8%: CII President Reacts to Eco Survey Growth Estimate of 6.5-7%
In a recent announcement, the Economic Survey 2023-24 has brought forward an optimistic projection for India’s Gross Domestic Product (GDP) growth for the fiscal year 2025. Rooted in a foundation of robust macroeconomic management alongside a policy environment that leans heavily into capital expenditure and inflation control, the survey spots a bright forecast for the country.
Sanjiv Puri, the President of the Confederation of Indian Industry (CII), has welcomed the Survey with open arms, expressing a buoyant outlook on India’s economic journey ahead. He asserts, “The Survey is positive about the India growth story, and I am confident that India’s GDP Growth for FY25 will surpass the forecast given in the Survey and based on certain conditions, it has the potential to be at 8 percent.”
The Survey pinpoints achievable GDP growth for FY25, indicating a path paved by strategic planning and keen management of the nation’s economic policies. It underlines the critical importance of employment growth, especially in labor-intensive sectors like tourism, the care industry, and the food processing industry, to bolster employment across the economy.
Puri is bullish about India surpassing the 7 percent growth rate, fueled by a concerted reform agenda shared among the central and state governments and the private sector. He emphasizes the significance of the six areas identified by the Survey for India’s development in the coming years. These areas include boosting private investment, expanding Medium, Small and Micro Enterprises (MSMEs), propelling agriculture as a growth engine, funding the green transition, bridging the education-employment gap, and enhancing state capacity and capability.
The CII President also highlighted the Survey’s focus on revitalizing the agriculture sector to stimulate rural demand. A noteworthy emphasis has also been placed on the enhancement of the quality of life in rural regions, alongside a focus on the social sector, including healthcare. “The focus on improving the quality of life in the hinterland and emphasis on the social sector such as healthcare, would go a long way to empower the marginalized and ensure that every Indian becomes a stakeholder in New India,” Puri remarked.
CII has shown unreserved support for the medium-term reform agenda proposed in the Survey. Anticipation is high for the forthcoming Budget, as it is expected to roll out measures that would assist in unlocking the growth trajectory of the Indian economy.
Chandrajit Banerjee, Director General, CII, shared his perspective on the Survey, describing it as pragmatic and visionary. “The Survey offers a futuristic vision to move India boldly towards achieving the developed economy status by 2047,” he said. Banerjee praised the agenda articulated in the Survey for both the public and private sectors, encouraging industry to adopt a mission-mode approach towards growth and development.
As India sets its sights on an ambitious economic growth path, the Economic Survey 2023-24 shines a spotlight on the underlying strengths and potential of the economy. With a projected growth range of 6.5-7.0 percent for FY25, the Survey is a testament to the optimism and confidence placed in India’s economic future. It charts a blueprint for the nation to achieve its goal of becoming a developed economy by 2047, marking a significant milestone in India’s developmental journey.
