The Confederation of Indian Industry (CII) is optimistic about India’s economic growth in 2024, forecasting a GDP growth of 8 percent. CII President Sanjiv Puri expressed confidence in the country’s economic trajectory, noting that the previous year had exceeded expectations. The industry body emphasized the importance of policy interventions, particularly those aimed at improving the Ease of Doing Business, in strengthening the Indian economy and creating a more favorable business environment.
Key reform priorities for the country were discussed at an event organized by CII, including expectations from the upcoming Union Budget. Puri highlighted that various economic indicators are robust and certain sectors such as agriculture, information technology, services, and global trade are poised for further growth. CII’s positive outlook for the current fiscal year is based on strong performance across multiple sectors and the impact of government policy measures in simplifying business processes.
CII expects the Indian economy to continue to grow at a robust rate of 8 percent, driven by policy measures aimed at reducing bureaucratic hurdles and fostering a conducive environment for growth. The organization expressed confidence in the government’s ability to manage inflation and projected that it will remain close to the target range of 4 to 4.5 percent in 2024. This is crucial for maintaining purchasing power and ensuring sustainable economic growth.
Improvements in global trade dynamics and the resilience of the IT and services sectors, as well as favorable monsoon conditions and government initiatives in the agricultural sector, are expected to support India’s economic growth. CII’s positive economic forecast is based on a combination of these factors, indicating a more optimistic outlook for the country’s economic future.
In conclusion, the Confederation of Indian Industry remains upbeat about India’s economic prospects, anticipating strong growth in 2024. The organization highlights the impact of policy interventions in creating a conducive environment for growth and expresses confidence in the government’s ability to manage inflation. With improvements in various sectors and global trade dynamics, India’s economy is expected to continue on a positive trajectory, driving economic expansion and contributing to overall growth.
