CII President R Mukundan Sees 7% Growth for India, Advocates for Reforms Body

R Mukundan, newly appointed president of the Confederation of Indian Industry (CII), has forecast a growth rate of approximately 7% for India’s economy in the current fiscal year. Despite challenges posed by rising global costs, most businesses are finding ways to thrive and expand their operations.

Mukundan emphasized the need for coordinated reforms across key sectors such as agriculture and land. To facilitate this process, he advocated for the establishment of a GST Council-like body that would enable effective decision-making and implementation of crucial policies.

The CII president also highlighted the importance of strategic technology adoption from China, particularly in areas like battery storage. He noted that India can benefit significantly from Chinese expertise in these fields, enabling the country to accelerate its own technological advancements.

Furthermore, Mukundan recommended expanding production-linked incentives (PLIs) for local manufacturing to boost domestic production and competitiveness. By implementing these measures, India can potentially drive economic growth and become a more attractive destination for investors.

The CII president’s vision aligns with the government’s efforts to stimulate economic recovery and enhance competitiveness. His proposals are likely to be closely watched by policymakers and industry stakeholders as they seek to navigate the complexities of India’s rapidly evolving economy.

Source: original report.