Indian economy steps up its GDP growth to CAGR of 7.8 percent in the next decade: President of CII R. Dinesh

President of CII R Dinesh explained, "Capital investments, at a higher scale by the Government and expected fresh ones by the private sector, will drive medium-term growth, along with productivity-enhancing reforms such as GST, taxation and IBC, among others.

 

The multi-dimensional reforms, along with fiscal and monetary policies, will help the Indian economy step up its GDP growth to a CAGR of 7.8 percent in the next decade (FY22-FY31) as compared to 6.6 percent in the previous decade, ex the pandemic year of FY21. This was stated by President of the Confederation of Indian Industry (CII) R Dinesh in Mumbai yesterday. 

He was addressing the media for the first time after taking over as President of CII. Articulating the growth outlook for the economy, he said, 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.

He stressed that India’s medium-term growth prospects are healthy. Elaborating on this, he explained, "Capital investments, at



a higher scale by the Government and expected fresh ones by the private sector, will drive medium-term growth, along with productivity-enhancing reforms such as GST, taxation and IBC, among others.

The CII President said that a range of pragmatic and very transformational policies and campaigns of the Government, which continued through the pandemic, helped catalyze a sharp economic recovery and the resilience in growth that India is witnessing.

Highlighting the opportunities for driving growth, Mr Dinesh emphasized on the importance of Building Trust. He said that trust needs to be built between Business and Government, Business and Business, and Business and Community and Society, including media. Less regulation can only come if we build trust in the industry.

He also announced that CII will set up a Quality Mission 2.0. CII’s first quality mission in 1998 led to the setting of standards by the Government and the new quality mission will align forcefully with global requirements.