Search icon
Download the all-new Republic app:
NIFTY 50 23,203.20 Down stock -108.60 (-0.47%)
NIFTY 100 23,926.00 Down stock -58.55 (-0.24%)
NIFTY 500 21,680.25 Down stock -34.30 (-0.16%)
NIFTY MIDCAP 50 15,139.65 up stock 8.15 (0.05%)
INDIA VIX 15.75 up stock 0.28 (1.82%)
NIFTY MIDCAP 150 20,195.90 up stock 23.25 (0.12%)
NIFTY SMALLCAP 50 8,421.95 up stock 19.80 (0.24%)
NIFTY BANK 48,540.60 Down stock -738.10 (-1.50%)
NIFTY AUTO 22,791.10 Down stock -70.15 (-0.31%)
NIFTY FMCG 55,800.85 up stock 560.85 (1.02%)
NIFTY IT 42,032.20 Down stock -1156.60 (-2.68%)
NIFTY MEDIA 1,702.45 up stock 3.75 (0.22%)
NIFTY METAL 8,521.70 up stock 99.70 (1.18%)
NIFTY PHARMA 22,061.70 up stock 151.95 (0.69%)
NIFTY PRIVATE BANK 23,680.05 Down stock -526.35 (-2.17%)
NIFTY REALTY 939.25 up stock 12.20 (1.32%)
NIFTY OIL & GAS 10,891.70 up stock 167.75 (1.56%)
NIFTY COMMODITIES 8,097.85 up stock 88.10 (1.10%)
NIFTY ENERGY 34,686.10 up stock 411.00 (1.20%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)
NIFTY 50 23,203.20 Down stock -108.60 (-0.47%)
NIFTY 100 23,926.00 Down stock -58.55 (-0.24%)
NIFTY 500 21,680.25 Down stock -34.30 (-0.16%)
NIFTY MIDCAP 50 15,139.65 up stock 8.15 (0.05%)
INDIA VIX 15.75 up stock 0.28 (1.82%)
NIFTY MIDCAP 150 20,195.90 up stock 23.25 (0.12%)
NIFTY SMALLCAP 50 8,421.95 up stock 19.80 (0.24%)
NIFTY BANK 48,540.60 Down stock -738.10 (-1.50%)
NIFTY AUTO 22,791.10 Down stock -70.15 (-0.31%)
NIFTY FMCG 55,800.85 up stock 560.85 (1.02%)
NIFTY IT 42,032.20 Down stock -1156.60 (-2.68%)
NIFTY MEDIA 1,702.45 up stock 3.75 (0.22%)
NIFTY METAL 8,521.70 up stock 99.70 (1.18%)
NIFTY PHARMA 22,061.70 up stock 151.95 (0.69%)
NIFTY PRIVATE BANK 23,680.05 Down stock -526.35 (-2.17%)
NIFTY REALTY 939.25 up stock 12.20 (1.32%)
NIFTY OIL & GAS 10,891.70 up stock 167.75 (1.56%)
NIFTY COMMODITIES 8,097.85 up stock 88.10 (1.10%)
NIFTY ENERGY 34,686.10 up stock 411.00 (1.20%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)

Published 17:17 IST, July 22nd 2024

CII confident of surpassing Economic Survey's growth forecast for FY25

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, Puri said.

Reported by: Business Desk
CII President Sanjiv Puri and DG Chandrajit Banerjee | Image: Special Arrangement

Economic Survey 2023-24: Reacting to the Economic Survey 2023-24 tabled in Parliament, Sanjiv Puri, President of the Confederation of Indian Industry (CII), expressed confidence that India's GDP growth for FY25 will exceed the forecast provided in the Survey. He suggested that under certain conditions, the economy could achieve an 8 per cent growth rate.

"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. It has the potential to reach 8 per cent, driven by excellent macro-financial management and a facilitative policy environment that includes a thrust on capital expenditure and inflation control," Puri said. He added that a consensus on the reform agenda among the central government, state governments, and the private sector is key to achieving sustained growth of 7 per cent or more.

Chief Economic Advisor (CEA) V. Anantha Nageswaran highlighted the potential of labour-intensive sectors such as tourism, the care economy, and food processing to increase employment, which is critical for the economy.

Puri praised the Survey for its focus on six key areas for "Amrit Kaal," which include boosting private investment, growth and expansion of MSMEs, positioning agriculture as a growth engine, financing the green transition, bridging the education-employment gap, and building state capacity and capability. These initiatives, he said, would fast-track India's long-term vision for a developed nation (Viksit Bharat).

"The recognition of the need to invigorate the agriculture sector to boost rural demand and the focus on improving the quality of life in the hinterland and stressing on the social sector such as healthcare are well-placed. These steps will empower the marginalised and ensure that every Indian becomes a stakeholder in New India," Puri added.

The CII President also reiterated support for the reforms agenda proposed in the Survey for the medium term, expressing hope that the forthcoming Budget would implement some of these measures to unlock the growth potential of the Indian economy.

CII Director General's statement on Economic Survey

Chandrajit Banerjee, Director General of CII, also reacted positively to the Economic Survey, describing it as pragmatic and forward-looking. He stated that the Survey offers a futuristic vision to propel India towards achieving developed economy status by 2047.

"The Survey provides a wealth of information and a rich repository of data sets on all parameters of the economy, offering in-depth analysis of key macroeconomic parameters. The articulated agenda for advancing both public and private sectors is reassuring and would be great for industry to take forward in mission-mode," Banerjee said.

He shared CII's optimism regarding the Survey's economic growth projection of 6.5-7.0 per cent for FY25, believing that the actual growth could surpass these projections despite rising geopolitical uncertainties, thanks to strong macroeconomic fundamentals and next-gen reforms.

Banerjee highlighted several noteworthy initiatives mentioned in the Survey, including the focus on agriculture, capital expenditure, asset monetization, reducing the education-employment gap, enhancing manufacturing and ease of doing business, expanding MSMEs, making India a drone hub by 2030, and advancing sustainability and climate financing. He believes these initiatives will rev up the growth engines of the economy.

Updated 17:47 IST, July 22nd 2024

LIVE TV

Republic TV is India's no.1 English news channel since its launch.

Search icon
Home
Live TV
Union Budget 2025
Markets
News
Companies
Economy
Auto
Money
Technology
Videos
Initiatives
Life
Web Stories
Opinion
Download the all-new Republic app: