India's GDP to grow at 8% in 2024, says CII Prez Sanjiv Puri

The Confederation of Indian Industry (CII) has estimated India's GDP to record a robust 8 percent growth in FY25, the newly elected CII President Sanjiv Puri said while showing optimism about India's economic growth.

"The growth rate is poised to touch 8 per cent during the current year marking the fourth consecutive year of above 7 percent plus growth. While the growth estimate is above consensus, the experience of previous years is that India has outperformed initial estimates by a wide margin," he said.

Puri was at an event organised by the industry body on Thursday. The event was focused on the country's Economic Growth Outlook and the key reform priorities for the country. It also highlighted the industry expectations from the Union Budget.

During the event, Puri emphasized that policy interventions, particularly the ones aimed at improving the Ease of Doing Business (EODB), have strengthened the Indian economy.

He pointed out that several sectors including agriculture, information technology, services, and global trade are poised for further improvement.

CII's positive outlook is based on several key factors. The organisation expects India to grow at a rate of 8 percent.

According to the CII, the measures implemented by the government aimed at simplifying business processes. These measures have been beneficial for both small and medium-sized enterprises, which are the backbone of the nation.

CII also showed confidence in the government's ability to manage inflation. The trade organisation noted that inflation is expected to remain close to the range of 4 and 4.5 percent in 2024.