New Delhi, 3 July (IANS). The Confederation of Indian Industry (CII) said on Thursday that India’s real GDP growth rate is estimated to be 6.4-6.7 percent in FY 2026, which will strengthen the country’s position as the fastest growing major economy in the world.
CII President Rajiv Memani said that at a time when global economic and political instability is at its highest level in two decades, India has emerged as a bright place.
At a CII program in the national capital, Lummani said that competition is a passport for prosperity of India.
He said, “But competition should be earned through reform, innovation and confidence. The CII is committed to working closely with the government, industry and citizens to help India emerge as a confident, competitive and globally associated economy.”
He said that India’s internal speed is strong enough to withstand external shaking.
He stressed, “In a world where the rules of trade and technology are changing rapidly, we should stabilize India’s growth in competition, which is based on scale, productivity and innovation. It’s our time. But we should act decisively.”
The CII suggests focus on increasing government revenue through calibrated disinvestment of public sector enterprises to be able to meet the needs of development and infrastructure while maintaining fiscal balance.
About 10 percent of the total market capitalization, which is about 55 lakh crore rupees, with public sector enterprises (PSE).
The CII chairman said, “We can consider disinvestment of about 10 percent of this market capitalization, which can get about 5 lakh crore rupees. This income can be used to enhance public capital expenditure, repay government loans, invest in strategic assets abroad to establish a saveren wealth fund and to achieve important technology.”
The CII has proposed a capital assistance scheme for small and medium companies for R&D, technology acquisition and employment generation in the manufacturing sector to solve the problem of India’s ‘Missing Middle’.
The major industry chamber has proposed the formation of a dedicated taskforce on ‘land availability’ to develop policy recommendations aimed at increasing the competitiveness of manufacturing sector to enhance the business costs related to land.
-IANS
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