India's Quest for Viksit Bharat: CII President Highlights Economic Path

Rajiv Memani, CII President, emphasizes India's need for a 10% nominal GDP growth annually to realize the Viksit Bharat vision by 2047. The anticipated India-US trade pact promises technological exchange and market expansion. India's economy remains stable, with strong domestic demand amid global uncertainties.

India's path to becoming a developed nation by 2047, known as the Viksit Bharat vision, requires a continuous nominal GDP growth of 10% annually, according to CII President Rajiv Memani. This vision sets a challenging yet attainable goal for the Indian economy.

Memani outlined the potential benefits of an imminent interim trade agreement between India and the US. This deal is expected to mitigate uncertainties and provide Indian companies, especially in labor-intensive sectors, with greater market access and opportunities for technology transfer.

Despite geopolitical uncertainties, India's economic projections remain optimistic. The Reserve Bank of India forecasts a GDP growth of 6.5% for the fiscal year ending in March 2026. Memani highlighted the stability of India's institutions and the strength of corporate balance sheets as key factors supporting economic resilience.

(With inputs from agencies.)