Achieving Viksit Bharat: CII President Rajiv Memani Emphasizes 10% Nominal GDP Growth for a Developed India, Boosted by US Trade Pact for Tech and Exports

India aims for a bold goal: becoming a developed nation by 2047 under its Viksit Bharat vision. To achieve this, the country needs to sustain an average nominal GDP growth of 10% annually, according to Rajiv Memani, the new president of the Confederation of Indian Industry (CII).

Nominal GDP refers to the total economic output measured at current prices, not adjusted for inflation. Memani emphasized that without reaching this growth target, achieving the vision will be challenging.

A key factor aiding this ambition is the upcoming trade agreement between India and the United States. This pact is expected to reduce uncertainty in their relationship and open doors for Indian companies, especially in labor-intensive fields. Memani noted that this clarity will positively impact businesses, allowing them to plan for future growth.

In terms of projections, CII anticipates India will grow between 6.4% and 6.7% in the current financial year. This optimism is supported by strong domestic demand. However, challenges like global geopolitical instability remain a concern.

Memani expressed confidence in India’s economic stability. With strong capital markets and healthier corporate balance sheets, the foundation appears solid. The Reserve Bank of India also holds a positive outlook, predicting a 6.5% GDP growth rate for the coming years.

Support for this vision is echoed by experts. According to a recent survey from the World Bank, countries achieving stable growth often have robust trade partnerships and domestic demand. This aligns with India’s strategy to foster closer ties with major economies, boosting exports and attracting technology.

Social media chatter highlights growing optimism among the public regarding India’s trade future. Users are sharing thoughts on how these agreements might elevate their job prospects and enhance the economy overall.

In conclusion, while the path to a developed India requires substantial growth and careful navigation of external pressures, the current outlook paints a promising picture. With the right measures and international partnerships, the Viksit Bharat vision may just become a reality by 2047.



Source link

Viksit Bharat,nominal GDP growth,CII president Rajiv Memani,India US trade pact,India economic growth