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CII chief predicts India to grow at 8% in 2016-17
16
May '16
Confederation of Indian Industry (CII) President Dr Naushad Forbes believes that India could notch up a growth rate of around 8 per cent which is higher than the projections by the World Bank and the IMF.

“India is expected to remain the fastest growing large economy of the world. It is likely to register a GDP growth of around 8 per cent in 2016-17, thanks to the expected normal monsoons, positive global investor sentiments, high FDI inflows, and low interest rates,” Dr Forbes said at a press conference in New Delhi recently.

He said that the agriculture sector is expected to grow at 3 per cent, while the industry and services are expected to grow at the rate of 8.2 per cent and 9.8 per cent respectively.

Talking about CII's new initiatives for 2016-17, Dr Forbes said CII has taken initiatives to establish PPP Start-up Centers in the States – a new model institution for end-to-end incubation of potential entrepreneurs to build future business houses generating large scale employments. This incubation program will promote non-IT and rural entrepreneurship.

Unveiling the CII's theme for 2016-17 of 'Building National Competitiveness', Dr Forbes said that to build national competitiveness, CII has laid emphasis on six key areas: human development, corporate integrity and good citizenship, ease of doing business, innovation and technical capability, sustainability and global integration.

Talking about the legislative reforms, Dr Forbes said that there is a need to bring in a political consensus to ensure early passage of Constitution Amendment Bill for the implementation of GST.

He urged the states to amend labour laws following the model set by Rajasthan, Madhya Pradesh, Andhra Pradesh, and Gujarat. He also emphasized the need for other Indian states to emulate Tamil Nadu and Rajasthan in introducing land reforms. (SH)

Fibre2Fashion News Desk – India

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