Modi 3.0 government should push land, labour, agri reforms to accelerate economic growth: CII
Industry body the Confederation of Indian Industry (CII) has made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year.
CII President Sanjiv Puri said a lot of policy interventions in the past have put the economy on a much stronger wicket. He stated ‘The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth. The growth estimate hinges critically on addressing the unfinished reform agenda on priority, in addition to improvement in world trade prospects aiding our exports, twin engines of investment and consumption doing well and expectations of a normal monsoon among other factors.’
Expressing optimism regarding the economy's performance, he said, ‘Very clearly, we are expecting all three sectors of the economy -- agricuture, services and industry -- to fire and do well next year.’ He added that the industry body expects inflation to be in the region of 4-4.5 per cent in the current fiscal.
Besides, he said private sector investment, which has been an area of concern, was robust and broad-based across sectors. He said ‘Private sector investment has been an area of concern sometime back, but the good news today is that it is in the right trajectory... it is robust. It had dropped to 20.7 per cent of GDP and it is now at 23.8 per cent, which is more than the pre-Covid levels.’
