Driven by growth in industry and services sector, CII on Thursday said it expected India's economy to grow in the range of 7.8-8.2 per cent in the current financial year.
"India is currently the fastest growing economy in a global environment that remains soft. CII expects GDP growth to lie in the range of 7.8-8.2 per cent in 2015-16," the newly appointed President of the industry body, Sumit Mazumder, told reporters.
He added industry and services were expected to continue on the path of recovery though there were risks that agriculture might be a dampener if there were disappointments on the monsoon front.
In the medium term, he said, a multi-pronged strategy of focusing on the manufacturing sector, providing greater impetus to skill development and investing in agriculture and infrastructure would raise the growth rate to 9-10 per cent.
Backing the Land Acquisition Bill, which was is facing stiff opposition from various quarters, Mr. Mazumder said land acquisition was a key bottleneck that was preventing the implementation of large infrastructure projects.
"It would be beneficial for the poor and underprivileged. Farmers who have surplus land to sell are unable to do so under the current provisions of the land legislation."
On the tax demand notices of Rs.40,000 crore to foreign institutional investors (FIIs) recently, CII President Designate Naushad Forbes said, "I don't think it will actually have an impact on investments because this is focused on FIIs; it is not focused on broader investment environment. I think the broader investment environment is very positive."
via Business - Google News http://ift.tt/1yyUZTM
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