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Business News/ Politics / Policy/  Indian economy to grow around 8% in 2016-17: CII
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Indian economy to grow around 8% in 2016-17: CII

CII's new president Naushad Forbes says strong macroeconomic fundamentals, favourable business sentiments and downward trend in interest rates are significant positives for the economy

CII president Naushad Forbes, president designate Shobana Kamineni and vice president Rakesh Mittal during a press conference in New Delhi on Wednesday. Pho: PTIPremium
CII president Naushad Forbes, president designate Shobana Kamineni and vice president Rakesh Mittal during a press conference in New Delhi on Wednesday. Pho: PTI

New Delhi: The Confederation of Indian Industry (CII) on Wednesday said it expects the Indian economy to grow at around 8% in 2016-17.

Addressing the media after taking charge as the new president of CII, Naushad Forbes, co-chairman of Forbes Marshall, said, “Strong macroeconomic fundamentals, favourable business sentiments and downward trend in interest rates are significant positives for the economy. CII estimates that government infrastructure investments and increased investments from the private sector will boost GDP (gross domestic product) growth to the 8% range."

This comes at a time when the Reserve Bank of India has forecast a GDP growth of 7.6% for 2016-17. According to CII, flat corporate performance, fiscal pressure from implementing the seventh pay commission recommendations and a potential increase in oil prices in the coming year would be risk factors for the economy.

Forbes announced the CII theme for 2016-17 as ‘Building National Competitiveness’. Giving the example of countries such as Japan and Korea, he stressed, “No country has grown without rapid increases in productivity at all levels, including human resources, capital and innovation. India must accelerate its productivity attainments through strategic interventions on building human talent, quality, and technology."

CII expressed hope that measures such as Standup India would create new opportunities for inclusive growth. Forbes lauded the government for its reform agenda and highlighted further areas to be addressed at the policy level to enhance competitiveness. He called for quick passage of the constitutional amendment to introduce the Goods and Services Tax, adding this would create a single market and reduce transaction costs.

He also pitched for the bankruptcy law and a uniform public procurement policy. “States should consider amending their labour regulations and land acquisition processes to create a better investment climate," he added.

Forbes also announced that the industry body would set up CII University in Amaravati, the designated new capital of Andhra Pradesh. It would also work with the government on taking 10 public and private universities to world class levels.

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Published: 06 Apr 2016, 10:09 PM IST
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