Existing geopolitical uncertainty may bring some caution in investment.
Regarding the country’s economy, CII President Sanjeev Puri has said on Sunday that India’s GDP is expected to grow at a rate of 6.5 percent in the current financial year. According to PTI news, Puri insisted that the country should enact bilateral trade agreements with major business partners to protect national interests in the backdrop of growing trade obstacles. Private investment in various fields such as energy, transport, metal, chemicals and hospitality is increasing. Puri said that existing geopolitical uncertainty may bring some caution in investment.
Support will be given due to reduction in interest rates
According to the news, on the economic growth estimate for India, Puri said that we are expecting growth at the rate of 6.5 percent. We believe that this number can be fundamentally acquired, as the fact is that we are starting with a properly good foundation, strong economic base. Explaining the reasons in detail, he said that interest rates have decreased in recent times. Inflation is becoming soft.
Investment in public and private sector increased
Personal income tax is being exempted from 1 April. Investment in public and private sector has increased in the latter part of last year. On the trend of high tariffs proposed by US President Donald Trump on many major economies and globally growing protectionism, Puri admitted that there is more and more obstacles in the trade at this time, he suggested that India should make bilateral trade agreements which are transferable and in national interests. This is the reason why countries that India are following, and larger countries are America and European Union, they are important.
Bilateral trade agreement is very important
We should do whatever we have to do from the point of view of national interest, and I think these are the most important bilateral trade agreements. He also recommended the construction of three-level tariff architecture for some areas to increase competitiveness. The CII president also emphasized the need to focus on domestic drivers of development and competitiveness. He said that a lot of work needs to be done on agriculture, climate change and adaptation.
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