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Expressing optimism over India’s economic growth, the Confederation of Indian Industry’s (CII) President TV Narendran has said that the country’s economy is likely to grow 7.5-8 per cent this fiscal year (FY23) with exports playing a key role in the country’s success story. Though, he also said India needs to remain prepared for any fallout of next wave of COVID-19 pandemic, and the impact of the ongoing Russia-Ukraine war. He added ‘We are confident that the economy can retain a high growth trajectory this year. So, we are very optimistic on the export front. Exports will be a key component of India’s success story going forward’.

The President of the industry body said the resurgence of COVID globally will have an impact on the global supply chain and CII’s India economic growth estimate of 7.5-8 per cent in the current fiscal factors these developments. He said ‘the experience with COVID shows that every time there is a fresh wave globally, it does hit India as well. Therefore, we must be prepared for the future waves’. According to him, the industry has in place well defined safety protocols and has really moved up the learning curve in managing COVID and in its ability to continue to operate safely even as infections rise.

Narendran said ‘therefore, in our view we are much better prepared to deal with the next wave. In terms of immediate action, administration of precautionary dose and the vaccination of below 18 years could be expedited. People need to be reminded of the importance of COVID appropriate behaviour and hence reminder campaigns are important’. He said in the past the strategy of micro-containment has worked well for India, adding that the industry body does not anticipate a scenario of re-imposition of major lockdowns. He noted ‘the widely accepted principle of managing COVID globally is to learn to live with it, rather than go in for strict lockdowns’.