The Confederation of Indian Industry (CII) president, R Dinesh, recommended a few measures to achieve a sustainable growth of over 7.5%. He appreciated the Centre’s “pragmatic and transformational policies” and laid emphasis on “building trust” while announcing Quality Mission 2.0. Some of CII’s top action goals for the upcoming year included livelihood businesses, tourism, wellness, skill development, and emerging technology.
Dinesh described the outlook for economic growth as follows: “The CII estimates the GDP growth in a range of 6.5-6.7% in 2023-24, driven by strong domestic drivers and sustained capex momentum of the government. We do not anticipate any significant domestic bottlenecks in the upcoming year because the Indian economy has remained robust in the face of a difficult global climate.”
Along with the government’s push for capital expenditures, he said that the robustness of the domestic economy is due to strong business balance sheets and a well-capitalized financial sector.
A number of the government’s practical and incredibly transformative policies and campaigns, which persisted throughout the pandemic, contributed to India’s resilient growth and recent fast economic recovery.
Elaborating on the enabling reform agenda for the Government, going forward, Dinesh prioritised 8 key areas.
1. Creating institutional mechanisms for building consensus on some of the key next generation reforms in areas which lie in the state or concurrent domain.
2. Reforms for financing India’s growth will supply funding at lower costs.
3. Interventions related to trade and investments will work towards India’s target of $2 trillion in exports.
4. On the agriculture front, the Government should facilitate greater and direct corporate sector participation to improve farm productivity.
5. Energy being the fuel for growth, India should manage its energy transition without affecting growth.
6. To ensure easy availability of land for industrial use, the India Industrial Land Bank (IILB), which is a GIS-enabled database of industrial areas/clusters across the country, may be evolved as the National Level Land Bank for not only obtaining information on land but also facilitating its acquisition.
7. The Government must continue to work towards decriminalising all business and economic laws.
8. Continued thrust on Ease of Doing Business, where many important initiatives have been taken by the Government, will lower costs.