Statement by Mr Sanjiv Puri, President, CII on Economic Survey 2023-24
Reacting to the Economic Survey 2023-24 tabled in the Parliament today, Mr Sanjiv Puri, President, CII stated that “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 basis certain conditions, it has the potential to be at 8 per cent”. The GDP growth for FY25, which is imminently achievable, is driven by excellent macro financial management, and facilitative policy environment which includes a thrust on capex and inflation control. CII is confident that, going forward, the Indian economy has the potential to achieve 7 per cent plus growth backed by a consensus between the centre, states and the private sector on the reform agenda.
CEA alluded to the point that employment, labour intensive sectors such as tourism, care economy and food processing sector have the potential to increase employment in the economy, which is critical.
The Survey is spot-on in terms of the six key areas unveiled for Amrit Kaal namely boosting private investment, growth and expansion of MSMEs which is referred to as India’s Mittelstand; agriculture as a growth engine, financing green transition, bridging the Education-Employment Gap and building state capacity and capability. This would fast track India’s dream of realising the long-term vision for Viksit Bharat, stated Mr Puri.
According to Mr Puri, the fact that greater attention should be paid to invigorating the agriculture sector to provide a boost to rural demand has been rightly recognised by the Survey. Similarly, 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 marginalised and ensure that every Indian becomes a stakeholder in New India.
CII wholeheartedly supports the reforms agenda proposed in the Survey for the medium term and hopes that forthcoming Budget would implement some of the measures which would help to unlock the growth potential of the Indian economy, said CII President.
22 July 2024
New Delhi