Puri, who is also the chairman of ITC, said the agriculture sector, which was hit by irregular weather in the last financial year, is expected to perform better with the forecast of a normal monsoon this year, which will boost rural consumption.
CII's estimate comes after the RBI last week raised India's GDP growth forecast to 7.2 percent.
"The growth outlook depends on addressing the unfinished reform agenda on priority, besides improving world trade prospects supporting our exports, the twin engines of investment and consumption and expectations of a normal monsoon," Puri said. "Depends on other factors." A CII statement said.
According to CII forecasts, agriculture sector output is likely to grow by 3.7 per cent in FY2015, up from 1.4 per cent in FY2014.It is also expected that the growth rate of industry will be 8.4 percent compared to 9.3 percent and the growth rate of services will be 9 percent compared to 7.9 percent in the year ending March.
"The strong growth performance expected during the current fiscal year is driven by six growth drivers that have shifted the economy into accelerator mode," Puri was quoted as saying in a CII statement.
Puri said, participation of private sector investment in India's growth story, public investment in physical and digital infrastructure, well-capitalized banking system, rapidly growing capital market and less dependence on oil are driving India's growth story. .
According to CII's January-March 2024 Business Confidence Survey, three-fourths of over 200 respondents expected private capital expenditure to improve in the first half of the current fiscal compared to the same period a year ago.
Gross fixed capital formation, or investment in plant and machinery, by the private sector was 23.8 per cent of nominal gross domestic product (GDP) in FY2023, up from the level seen in the pre-pandemic years of FY19 and FY20. is more.Infrastructure sectors like cement and steel, sectors like electronic manufacturing, food processing and telecom which are benefiting from government production linked incentives, logistics, renewable energy, automobile and semi-conductors saw improvement in private investment levels. Going, Puri added.
CII's estimate comes after the RBI last week raised India's GDP growth forecast to 7.2 percent.
"The growth outlook depends on addressing the unfinished reform agenda on priority, besides improving world trade prospects supporting our exports, the twin engines of investment and consumption and expectations of a normal monsoon," Puri said. "Depends on other factors." A CII statement said.
According to CII forecasts, agriculture sector output is likely to grow by 3.7 per cent in FY2015, up from 1.4 per cent in FY2014.It is also expected that the growth rate of industry will be 8.4 percent compared to 9.3 percent and the growth rate of services will be 9 percent compared to 7.9 percent in the year ending March.
"The strong growth performance expected during the current fiscal year is driven by six growth drivers that have shifted the economy into accelerator mode," Puri was quoted as saying in a CII statement.
Puri said, participation of private sector investment in India's growth story, public investment in physical and digital infrastructure, well-capitalized banking system, rapidly growing capital market and less dependence on oil are driving India's growth story. .
According to CII's January-March 2024 Business Confidence Survey, three-fourths of over 200 respondents expected private capital expenditure to improve in the first half of the current fiscal compared to the same period a year ago.
Gross fixed capital formation, or investment in plant and machinery, by the private sector was 23.8 per cent of nominal gross domestic product (GDP) in FY2023, up from the level seen in the pre-pandemic years of FY19 and FY20. is more.Infrastructure sectors like cement and steel, sectors like electronic manufacturing, food processing and telecom which are benefiting from government production linked incentives, logistics, renewable energy, automobile and semi-conductors saw improvement in private investment levels. Going, Puri added.
