Economic Growth Amid Geopolitical Uncertainty: CII's Vision for India

India's economy is poised for a 6.4-6.7% growth in the financial year, driven by domestic demand despite global uncertainties, says CII President Rajiv Memani. Advocating GST simplification, Memani underscores the need for economic reforms and competitiveness in emerging sectors to maintain growth momentum.

India's economy is projected to grow between 6.4% and 6.7% this financial year, bolstered by strong domestic demand despite facing headwinds from global uncertainties, according to newly appointed CII President Rajiv Memani.

During his inaugural press briefing, Memani championed a simplified GST structure with three tiers. Essential items would attract a 5% tax, luxury and sin goods 28%, with remaining goods in the 12-18% range—a notable shift from the current four-tier system.

Memani also indicated the need for bold economic reforms, highlighting sectors like high-end manufacturing and AI competitiveness. His vision includes easing of GST on key consumer products to invigorate economic activity further.

(With inputs from agencies.)