New Delhi. The Confederation of Indian Industry (CII) has painted a rosy picture of the country's economic future, projecting an impressive 8% growth in gross domestic product (GDP) for 2024.

Expressing his confidence, CII President Sanjiv Puri said that the past year surpassed all growth forecasts. We are optimistic about the reports and projections coming from within and outside India, Puri said at a recent CII event focused on India's economic trajectory and key reform priorities.

Policy reforms boost the growth engine 

The programme emphasised the important role of policy interventions, particularly those streamlining the ease of doing business (EODB). These reforms have fostered a more business-friendly environment, allowing industries to flourish and contribute meaningfully to economic expansion.

CII pointed to strong economic indicators in various sectors, including agriculture, information technology, services and global trade. These sectors are expected to be the driving force behind India's economic growth in the coming years.

Government measures and business friendliness

CII's positive outlook is fueled by several key factors. The organisation expects strong growth across several sectors, pushing the Indian economy to an impressive 8% growth.

CII lauded the Government's policy measures aimed at simplifying business processes and reducing bureaucratic hurdles. These reforms have significantly improved the business environment, especially for small and medium-sized enterprises (SMEs) - the backbone of the Indian economy.

Inflation Management and Sustainable Growth

Furthermore, CII expressed confidence in the government's ability to manage inflation, and estimated that it will remain within the target range of 4 to 4.5% in 2024. This optimistic forecast is based on economic indicators and the government's proactive measures to curb price rise. Managing inflation effectively is important to maintain purchasing power and ensure sustainable economic growth.

The positive economic outlook is further bolstered by improving global trade dynamics and the continued resilience of the IT and services sectors.

Favourable monsoon and agricultural development

CII also expects the agriculture sector to benefit from favourable monsoon conditions and government initiatives aimed at boosting farm productivity and incomes. These combined factors paint a promising picture for India's agricultural future.

In conclusion, the CII report presents a compelling vision of a thriving Indian economy in 2024, driven by strong growth across sectors, effective policy measures, and a resilient business environment.