India can maintain 8-9% GDP growth: CII president R Dinesh

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New Delhi: India can maintain a consistent 8-9% GDP growth in the coming years, and even reach double-digit annual growth between FY29 and FY31 fuelled by government spending on infrastructure, and private investment, which is expected to increase significantly in the coming years, industry body Confederation of Indian Industry's (CII) President R Dinesh said. Big-ticket land and labour reforms, as well as higher spending on health and education, apart from keeping its focus on inclusive growth in the medium to long term will also propel India as one of the fastest-growing major economies, registering a consistent high growth, Dinesh said in an interview. "We believe that the economy will register over 7.5% growth in FY25.

There is significant optimism if you look at the CII's Business Confidence Index survey," he said. "A large number of respondents have said that they see growth in H1, FY25, much higher than H2 of FY 24. Also, I think the focus on infrastructure, both physical and digital, has made India more competitive and reduced the cost of doing business here," he added.

India is the fastest-growing major economy in the world. During the December quarter (October-December 2023), the Indian economy registered a surprise growth of 8.4%, as manufacturing, electricity and construction put up a robust show. The high growth in the third quarter (Q3, FY24) has also meant a revision in the estimate for GDP growth in FY24 by the National Statistical Office, from 7.3% in its first advance forecast to 7.6% in its recent second revised estimate.