India’s GDP growth expected at 7.4 to 8.2% in FY23: new CII president

Sajeeb Bajaj, the new president of the Confederation of Indian Industry (CII), who is also the chairman and managing director of Bajaj Finserv, expects India’s GDP to grow from 7.4 percent to 8.2 percent in FY23. He told reporters that the positive momentum in exports, private investment, pushing towards government infrastructure, and efficient use of good monsoon and job creation are some of the key drivers of growth. Talking about CII’s Framework, India @ 100, Bajaj said that the country’s GDP is expected to reach $ 40 trillion by 2047.

“The key capabilities for this are that the share of production should now go from 18 per cent to 27 per cent.” In terms of demand, our investment ratio will increase from the current 28 percent to 33.5 percent by FY48. We need to focus on education and healthcare, “said Bajaj.

Exports of core industries such as automobiles are expected to reach আকার 2 trillion and $ 360 billion. Electronics is another key industry that, according to Bajaj, will drive big growth and is expected to touch $ 2 trillion in size and $ 1 trillion in exports. Other major growth sectors include textiles and clothing, defense manufacturing and capital goods. Not only manufacturing but also service industries like healthcare, IT, education, telecom, media and entertainment are other growing sectors.

“The future of manufacturing in India is more smart manufacturing. In particular, India has a real chance to become a factory to the world in the next 10 years. We as an industry need to embrace technology and skills intensive manufacturing, ”he added.

In the short term, CII has a 10-point policy agenda for 2030. “These include increasing government spending on public health and education, the scale and technology of empowering self-reliant India, employment incentive projects for services, business improvement and investment environment,” he said.

Bajaj added that CII will work with states and sectors to create a decarbonization road map to achieve Net Zero by 2070. 2050, “he said.