Achieving ‘Viksit Bharat’: Why India Must Target 10% Nominal GDP Growth, According to CII

India is gearing up for ambitious growth. To achieve the government’s dream of ‘Viksit Bharat’ by 2047, a consistent average GDP growth of 10% is essential. Rajiv Memani, the President of the Confederation of Indian Industry (CII), highlighted this need in a recent interview with PTI. This level of growth is crucial for reaching long-term development goals.

Memani also discussed the significance of a potential interim trade agreement with the United States. Such a pact could eliminate uncertainty and expand market access for Indian businesses, particularly in sectors that rely on labor. He believes this deal would promote technology sharing and spur more collaborations between the two countries.

Looking at the current economic landscape, CII projects that India’s economy will grow by 6.4% to 6.7% in the fiscal year 2024. This growth is expected to stem from strong domestic demand, despite certain global uncertainties. Memani described India’s economic situation as favorable, backed by strong institutions and robust corporate balance sheets.

Supporting this optimistic outlook, the Reserve Bank of India (RBI) has also set a GDP growth forecast at 6.5% for the current fiscal year, which aligns with Memani’s insights. The RBI pointed out that India remains stable and full of potential amid uncertainty internationally.

In other research, a recent survey indicated that more than half of Indian businesses are optimistic about the economy’s future. This sentiment reflects a growing belief in India’s resilience and capacity for growth.

As we move forward, keeping an eye on trade agreements and internal economic policies will be key. The collaborative spirit between businesses and governments could be the driving force behind achieving these ambitious growth targets.

For more insights on India’s economic outlook, check out The Economic Times for up-to-date information and analysis.

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