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Business News/ News / India/  FICCI confident about Indian Industry's share in country's growth
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FICCI confident about Indian Industry's share in country's growth

Subhrakant Panda, senior vice president of the Federation of Indian Chambers and Commerce and Industries (FICCI) said there is no doubt that the Indian economy would easily surpass the goal of USD 5 trillion and then USD 10 trillion in GDP.

The Indian industry is ready to catch the momentum of the country's growth story. (iStock)Premium
The Indian industry is ready to catch the momentum of the country's growth story. (iStock)

The Indian industry is ready to catch the momentum of the country's growth story and be a part of its march to 2047 to become a developed nation, said a top industrialist as quoted by the news agency PTI. He said that India has emerged as a bright spot in the world economy.

In an interview with PTI, Subhrakant Panda, senior vice president of the Federation of Indian Chambers and Commerce and Industries (FICCI) said there is no doubt that the Indian economy would easily surpass the goal of USD 5 trillion and then USD 10 trillion in GDP.

"Experts and economists are now talking about the country becoming a USD 30 trillion or USD 35 trillion economy. There are many assumptions and factors which go into deriving those numbers, but I think what is very clear is the direction of growth and the sustained reforms, which are going to take us in that direction of growth," Panda told PTI.

“From an Indian industry perspective, are we ready for it? Yes, I think we are. Because this is a huge opportunity that awaits us. I think that's the way one has to look at it," said the FICCI official, who was recently in the US capital leading a FICCI delegation of eminent Indian industrialists.

He lauded Prime Minister Narendra Modi and his government for the sustained and aggressive reforms that are addressed to meet the needs of the common people and strengthen the Indian economy, as per PTI reports.

Panda further listed some of the reforms that are needed in the next phase. These measures include decriminalizing minor offenses, reducing compliance touchpoints, and digitizing records.

Panda told PTI, "I think labor reforms, the government has taken a major step forward in terms of codifying it into four different codes. But that is something that we hope comes through next because that is a key factor in adding to India's competitiveness and the foundation that is required to push growth."

He said that India is in a unique situation amid turbulent times globally.

 

(With PTI inputs)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Published: 20 Oct 2022, 08:51 AM IST
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