Indian economy is on a high growth trajectory: Confederation of Indian Industry
Feb 29, 2024
New Delhi [India], February 29 : Underlining that Indian economy is on a high growth trajectory, Confederation of Indian Industry in a statement on Thursday exuded confidence that Indian economy will continue to grow at 7 per cent plus growth rate over the medium term.
In a statement issued today, Chandrajit Banerjee, Director General, CII, said, "industry is enthused to note the strong set of GDP growth numbers for the third quarter (YoY), which surpassed expectations, recording an actual rate of 8.4 percent exceeding the previous quarter's 7.6 per cent".
"What is more comforting to note is the fact that the robust expansion came despite the recurring spate of geopolitical flashpoints and was premised on a healthy double-digit expansion in manufacturing and investment," he said.
The PLI scheme and host of other benefits announced for the manufacturing sector have buttressed the strong growth posted by the manufacturing sector, as per the statement
"Indian economy is on a high growth trajectory supported by structural reforms and improvements in both ease & cost of doing business. This makes us confident that the Indian economy will continue to grow at 7 per cent plus growth rate over the medium term", the statement added.
The after after India's GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24 and the country continued to remain the fastest-growing major economy.
The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters - April-June and July-September, data released by the Ministry of Statistics and Programme Implementation on Thursday showed.
The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, Department of Economic Affairs under the Ministry of Finance had said earlier.
In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion.
