Statement by Chandrajit Banerjee, Director General, CII on Economic Survey

Reacting to the Economic Survey 2023-24, presented in the Parliament today, Mr Chandrajit Banerjee, Director General, CII stated that the Survey is pragmatic in its approach and offers a futuristic vision to move India boldly towards achieving the developed economy status by 2047. With the customary wealth of information and rich repository of data sets on all parameters of the economy, it offers rich, in-depth analysis of key macroeconomic parameters. The agenda articulated in the Survey for taking forward both public and private sector is reassuring and would be great for industry to take forward in mission-mode.

Going forward, CII supports the optimism exuded by the Economic Survey about economic growth, which has been projected to be within the range of 6.5-7.0 per cent for FY25. CII believes that the growth projections proposed in the Survey for FY25 may even be surpassed despite rising geopolitical uncertainties powered by strong macroeconomic fundamentals and ushering of next-gen reforms that would catalyze growth prospects.

The focus on agriculture, capital expenditure, asset monetization, reducing the education-employment gap; manufacturing and ease of doing business, expanding MSMEs, providing a fillip to future-ready sectors which includes plans to make India a drone hub by 2030, sustainability and climate financing, among others are noteworthy initiatives taken up by the Survey and would rev up the growth engines of the economy.

22 July 2024

New Delhi