NEW DELHI: The Confederation of Indian Industry (CII) said on Sunday it expects India’s gross domestic product (GDP) to grow close to 8 per cent over the next couple of years.
“The economy is in a sweet spot right now as the adjustment process regarding major reforms of the past few years is largely stabilised and industry is ready for a fresh phase of investment while capacity utilization builds up,” it said.
It said Rs 50,000 crore worth of investments has been recently announced. A CEOs (chief executive officers) opinion poll showed that 82 per cent of them expect GDP (gross domestic product) growth to be higher than 7 per cent for the year 2018-19, with 10 per cent of them expecting growth to be above 7.5 per cent. Industry is looking forward to GDP growth rate picking up to close to 8 per cent over the next couple of years.
“Fiscal prudence, able macroeconomic management, and strong reforms process have set a sound foundation for growth,” it said.