CII President Projects Robust Growth Amid Geopolitical Challenges
The Indian economy is expected to grow between 6.4% and 6.7% in the current financial year, according to CII President Rajiv Memani. Despite geopolitical risks, growth is driven by strong domestic demand, favorable monsoon forecasts, and monetary policy measures by the Reserve Bank, including a CRR cut.
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- India
The Confederation of Indian Industry (CII) is optimistic about the country's economic prospects despite prevailing geopolitical uncertainties. CII President Rajiv Memani projected a growth rate of 6.4% to 6.7% for the current financial year, driven primarily by robust domestic demand.
In his first press conference as CII president, Memani highlighted key contributing factors such as a positive monsoon forecast and enhanced liquidity from the Reserve Bank of India's recent monetary policies. The central bank's decision to slash the Cash Reserve Ratio by 100 basis points is expected to inject significant liquidity into the banking system.
Memani cited external trade risks as a potential downside; however, he emphasized that the strong domestic demand could counterbalance these effects. The CII remains confident that India's economic growth will stay on track with these supportive measures in place.
(With inputs from agencies.)
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