India’s economy likely to grow at 6.5-6.7%in ’24:CII

Press Trust of India

New Delhi: Industry body CII on Thursday said India’s economy is expected to grow in the range of 6.5-6.7 per cent in the current financial year supported by strong domestic drivers and robust capex momentum of the government. India’s Gross Domestic Product (GDP) grew by 6.1 per cent in the March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent.

The growth has propelled the country’s economy to USD 3.3 trillion, setting the stage for achieving the USD 5 trillion target in the next few years. Addressing the media, newly elected President of Confederation of Indian Industry (CII) R Dinesh said India’s GDP growth is expected to leapfrog to 7.8 per cent in the next decade (FY22-31) from 6.6 per cent previously recorded.

“We expect GDP growth in a range of 6.5-6.7 per cent in 2023-24, supported by strong domestic drivers and robust capex momentum of the government,”Dinesh said. He said the government’s structural reform agenda has enabled the country to become the highest growing economy in the current scenario, and we believe this can be sustained going forward.

“This year is very important in view of India assuming the G20 Presidency. The entire world is looking at India. In the last year, there has been a significant focus on India and the opportunities that arise from this are important for us,” the CII President said.