
India must clock an average nominal GDP growth of 10 per cent annually to realise the government’s ambitious Viksit Bharat vision by 2047, according to CII President Rajiv Memani, who also flagged an upcoming trade pact with the US as a potential game changer for the economy.
“India would require an average about 10 per cent nominal growth to achieve the Viksit Bharat vision,” Memani told PTI.
Nominal GDP is the total value of goods and services produced in a country, measured at current market prices, without adjusting for inflation, unlike real GDP.
In an interview to PTI, the newly-appointed president of the industry lobby noted that the interim trade pact between India and the US, expected to be finalised shortly, will remove the cloud of “uncertainty,” giving Indian firms, especially in labour-intensive sectors, access to a larger market.
The trade pact between the two nations is also expected to pave the way for technology transfers, more joint ventures and partnerships, the CII president said.
“So I think first is that the uncertainty which was there, I think that will go away. People will get a clearer direction of what will happen in the future, and I think that has a very positive impact,” he said.
India’s economy is projected to grow between 6.4 and 6.7 per cent in the current financial year, powered by robust domestic demand, though geopolitical tensions pose risks, according to CII.
“We have a very good position macro economically, things are very stable. Our institutions, whether it’s the capital markets, whether it is RBI, whether it is banks, are in good shape, corporate balance sheets are looking stronger,” the CII president said about India’s prospects.
The Reserve Bank has retained its GDP growth forecast for the fiscal year ending March 2026 at 6.5 per cent, stating that India’s economy continues to display strength, stability and opportunity despite global uncertainty.
The FY26 projections are in line with the 6.5 per cent economic growth recorded in the 2024-25 fiscal year.