NEW DELHI: Sharing the likely growth scenarios for the Indian economy for this year, Sanjiv Bajaj, President Confederation of Indian Industry (CII) said “CII expects the GDP growth in a range of 7.4-8.2% in 2022-23, with the outlook critically hinging on the trajectory of global crude oil prices”.
Addressing the media for the first time after taking over as President CII, he said “global headwinds and inflation will have to be countered with robust policy reforms, both domestic and external sector reforms, to unlock the growth potential of the economy.
Tailwinds that are supportive of growth in the short-term include government capex, private sector investment which is showing an uptick aided by strong demand in some sectors and the PLI push in the others, good agriculture season on the back of the expectations of a good monsoon and positive export momentum”.
An immediate measure to moderate inflation could be to moderate taxes on fuel products, which constitute a large share of the retail pump prices of petrol and diesel. “CII would encourage Centre and State governments to collaborate in reducing these duties,” he added.