CII President Sanjiv Puri Optimistic About India’s Economic Growth in 2023-24
New Delhi [India], July 22: Sanjiv Puri, President of the Confederation of Indian Industry (CII), shared a positive outlook on India’s economic future following the Economic Survey 2023-24 presented in Parliament. He believes India’s GDP growth for FY25 could surpass 8%, driven by strong macroeconomic management and supportive policies.
The Survey outlines six key areas for development during the Amrit Kaal period: boosting private investment, expanding MSMEs, leveraging agriculture, financing the green transition, bridging the education-employment gap, and enhancing state capacity. Puri emphasized the importance of these areas in achieving a developed India, or Viksit Bharat.
Puri also highlighted the need to invigorate the agriculture sector to boost rural demand and improve the quality of life in rural areas, focusing on healthcare and the social sector. He stated, “The focus on improving the quality of life in the hinterland and emphasis on the social sector such as healthcare, would go a long way to empower the marginalized and ensure that every Indian becomes a stakeholder in New India.”
CII supports the medium-term reform agenda proposed in the Survey and hopes the forthcoming Budget will implement measures to unlock India’s growth potential. Chandrajit Banerjee, Director General of CII, praised the Survey’s pragmatic approach and futuristic vision, projecting economic growth within the range of 6.5-7.0% for FY25.
Doubts Revealed
CII -: CII stands for Confederation of Indian Industry. It is an organization that helps businesses in India grow and succeed.
Sanjiv Puri -: Sanjiv Puri is the President of CII. He is a leader who helps guide the organization and its activities.
Economic Survey -: The Economic Survey is a report by the Indian government that reviews the country’s economy and suggests ways to improve it.
GDP -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a country in a year.
FY25 -: FY25 means the financial year 2024-2025. It is a period used for accounting and budgeting.
private investment -: Private investment is when individuals or companies spend money to start or grow businesses.
MSMEs -: MSMEs stands for Micro, Small, and Medium Enterprises. These are small businesses that are important for the economy.
green transition -: Green transition means moving towards using more environmentally friendly practices and energy sources.
education-employment gap -: The education-employment gap is the difference between what people learn in school and the skills needed for jobs.
state capacity -: State capacity refers to the ability of the government to effectively implement policies and provide services.
Budget -: The Budget is a plan by the government on how to spend money for the upcoming year.
