Indian economy expected to grow 6.5-6.7 pc in 2023-24: CII president

Confederation of Indian Industry President R Dinesh said the growth will be supported by strong domestic drivers and robust momentum in capital expenditure

New Delhi: The Indian economy is expected to grow in a range of 6.5-6.7 per cent in the financial year 2023-24, said industry body Confederation of Indian Industry President R Dinesh.

He said the growth will be supported by strong domestic drivers and robust momentum in capital expenditure.

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The government expects India’s 2023-24 GDP at 6.5 per cent.

“The Indian economy remains resilient in the face of a challenging global environment, and we do not anticipate major domestic roadblocks in the year ahead,” Dinesh said in his first media interaction after taking over as President CII.

Apart from the capex push by the government, he added that the resilience in the domestic economy comes from the healthy balance sheets of the corporates and a well-capitalised financial system.

He added that a range of pragmatic and transformational policies of the government, which continued through the pandemic, helped catalyse a sharp economic recovery and the resilience in growth that India is currently witnessing Livelihood business, tourism, wellness, skill development, and future technologies were outlined as some of CII’s key action priorities for the coming year.

Coming to the GDP numbers released today, as per the provisional estimates released by the National Statistical Office (NSO), real GDP growth for 2022-23 stood at 7.2 per cent, higher than the 7 per cent projected.

Despite strong global headwinds and tighter domestic monetary policy tightening, various international agencies have forecasted India to be one of the fastest-growing economies in 2023-24, supported by robust growth in private consumption and sustained pick-up in private investment.