Economy poised for 8-9% growth, says CII President
India's economy is poised to achieve 8-9% growth, Confederation of Indian Industry (CII) president R Dinesh told ET in an interview, highlighting land, labour and manufacturing reforms as the key focus areas for the new government, which he said will also spur private investment.
«We should consider establishing a fund to support new-age manufacturing, similar to the Innovation Fund that the government has already announced. This will play a crucial role in scaling up capacity and capability to create larger large-scale Indian manufacturing businesses,» said Dinesh, who is also the executive vice chairman of TVS Supply Chain Solutions.
He further advocated a fund to assist micro, small and medium enterprises with operational expenditures, capital spending and green transitions.
Dinesh also stressed on the importance of a Goods and Services Tax Council-like structure to facilitate coordination between the Centre and states on big-ticket reforms. The new government will not need to do anything drastically different to attract private investment, he said, adding, «I don't think we are talking about a reluctance because of certain issues. Let us not forget that we have come out of very difficult scenarios, and geopolitically, many unknowns are taking place.»
Nonetheless, he said, sectors outside the purview of public capex push had started witnessing capital spending from the private sector. These included automotive, tourism, healthcare, hospitality and logistics, as well as new-age sectors such as renewable energy
