New Delhi [India]: In response to the Economic Survey 2023-24 presented in Parliament today, Sanjiv Puri, President of the Confederation of Indian Industry (CII), expressed a positive outlook on India’s economic trajectory.
He asserted, “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 per cent.”
The Survey projects achievable GDP growth for FY25, driven by robust macroeconomic management and a supportive policy environment emphasizing capital expenditure and inflation control.
Puri emphasized that CII is confident in India’s potential to achieve over 7 per cent growth, bolstered by a unified reform agenda among the central and state governments and the private sector.
Chief Economic Advisor (CEA) pointed out that employment growth, particularly in labor-intensive sectors such as tourism, the care economy, and food processing, is crucial for increasing employment in the economy.
The Survey identifies six key areas essential for India’s development during the Amrit Kaal period: boosting private investment, expanding MSMEs (referred to as India’s Mittelstand), leveraging agriculture as a growth engine, financing the green transition, bridging the education-employment gap, and enhancing state capacity and capability. According to Mr. Puri, these focus areas will accelerate India’s vision of Viksit Bharat, a developed India.
Puri highlighted the Survey’s recognition of the need to invigorate the agriculture sector to boost rural demand, as well as its emphasis on improving the quality of life in rural areas and focusing on the social sector, including healthcare.
According to Puri, “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 fully supports the medium-term reform agenda proposed in the Survey and anticipates that the forthcoming Budget will implement some of these measures, which would help unlock the growth potential of the Indian economy.
Puri stated, “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.”
Reacting to the Economic Survey 2023-24, Chandrajit Banerjee, Director General, CII, said, “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.”
He added, “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.”