Industry association CII’s new president R Dinesh has said that India can become a $9 trillion economy by 2030-31. In a conversation with NDTV on Wednesday, the CII President said that during the next ten years, the pace of Indian economy can be much better and by 2047, India can become a $ 40 trillion economy.
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Amid the crisis in the international economy, India’s growth rate during 2022-23 was slightly better than the estimate of 7.2%.
R Dinesh GDP, the new president of the industry association Confederation of Indian Industry ie CII, is excited by these figures. On Thursday, R Dinesh told NDTV that the economy is expected to grow at 6.5% to 6.7% during 2023-24.
CII estimates that if the situation on the economic front remains as projected, India can become an economy of $ 9 trillion by 2030-31 and $ 40 trillion by 2047.
Speaking to NDTV, R Dinesh said, “If the pace of the economy remains as projected, then our mathematical calculation is that by 2030-31 the Indian Indian economy can be of 9 trillion dollars. Our projection is that by 2047 the size of the Indian economy Could be up to 40 trillion dollars”.
This assessment of CII is based on the improvement in the pace of the Indian economy during the next ten years.
According to CII, India’s economic growth rate in the last ten years was 6.6%. CII estimates that if the economy is in good condition and there is stability in the international economy, then the economic growth rate is expected to be 7.8% annually on an average in the next ten years.
CII estimates that this year the inflation rate will be below 5%. Is CII expecting relief from the increased repo rate in the coming months? CII President R Dinesh gave a restrained response to this question of NDTV. R Dinesh said, “It is important that inflation remains at a low level. We will think after 6 months…If inflation remains at a low level for the next 6 months, then there will definitely be some hope”.
CII has placed 8 primary agenda before the government for new reforms in the economy. This includes factor market reforms related to labour, agriculture, power and land, supply funding at lower costs and direct participation of the corporate sector to increase agricultural productivity.