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India's GDP growth expected between 7.4 to 8.2% in FY23: new CII president Sanjiv Bajaj

India's GDP growth expected between 7.4 to 8.2% in FY23: new CII president Sanjiv Bajaj

He also said that positive momentum in exports, private investments, government push towards infrastructure, and good monsoon enabling consumption and employment creation are some of the key growth drivers.

Confederation of Indian Industry’s (CII) new president Sajiv Bajaj Confederation of Indian Industry’s (CII) new president Sajiv Bajaj

The Confederation of Indian Industry’s (CII) new president Sajiv Bajaj, who is also the Chairman and Managing Director of Bajaj Finserv, expects India’s GDP to grow between 7.4 per cent to 8.2 per cent in FY23. He told reporters that positive momentum in exports, private investments, government push towards infrastructure, and good monsoon enabling consumption and employment creation are some of the key growth drivers. Talking about CII’s framework, India@100, Bajaj said that the country’s GDP is expected to touch $40 trillion by 2047.

“For this the key enablers will be that the share of manufacturing should move to 27 per cent from 18 per cent currently. On the demand side, investment will be a key enabler with our investment ratio rising to 33.5 per cent by FY48 from 28 per cent currently. There must be increased thrust on education and healthcare,” Bajaj said.

Key industries like automobiles are expected to reach $2 trillion in size and $360 billion exports. Electronics is another key industry that, Bajaj said, will be a big growth driver and is expected to touch $2 trillion size and $1 trillion exports. Other key growth sectors include textile and apparels, defense manufacturing and capital goods. Not just manufacturing, services industries like healthcare, IT, education, telecom, media & entertainment, etc. are other growth sectors.

“The future of manufacturing in India is more and more smart manufacturing. The real opportunity that India has is of becoming a factory to the world especially over the next 10 years. We as an industry have to adopt technology and skill intensive manufacturing,” he adds.

In the short term, CII has a 10-point policy agenda for 2030. “These include an increase in government expenditure on public health and education, focus on scale and technology to power Aatmanirbhar Bharat, employment linked incentive schemes for services, improving business and investment climate, etc.,” he said.

Bajaj also added that CII will work with states and sectors on developing decarbonisation road map for achieving net zero by 2070. “We will target 10 billion square ft of green building footprint in India in 2022-23 and net zero companies and net zero buildings by 2050,” he said.