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India’s GDP growth is expected to be in the range of 7.8-8.2 per cent in the current fiscal, the CII’s new President Sumit Mazumder said.
India is currently the fastest growing economy in a global environment that is soft, Mazumder said at his first press conference after assuming charge.
The Reserve Bank of India has forecast economic growth of 7.8 per cent this fiscal. The Economic Survey had pegged the GDP growth at 8.1-8.5 per cent.
CII expects industry and services to grow at a strong pace but agriculture could be dampener if monsoon disappoints. However, given earlier successes in implementing mitigating measures such as wider use of drought-resistant plant varieties, Mazumder said he did not expect a decline in production.
In the medium term, a multi-pronged strategy of focusing on the manufacturing sector, providing greater impetus to skill development and investing in agriculture and infrastructure would raise the growth rate to 9-10 per cent, he said.
Mazumder also said that CII strongly supports the land ordinance which has done away with the consent clause and also the social impact assessment. “We do believe that the land legislation is in support of farmers who are willing to sell their surplus land. The land acquisition norms have to be eased for the greater good of the country,” he added.
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