New Delhi: India needs an average nominal GDP growth rate of 10 per cent annually to achieve the government's vision of Viksit Bharat by 2047, CII President Rajiv Memani said.
Nominal GDP is the total value of goods and services produced in a country, measured using current market prices, without adjusting for inflation, unlike real GDP.
"India would require an average about 10 per cent nominal growth to achieve the Viksit Bharat vision," Memani told PTI.
In an interview to PTI, the newly-appointed president of the industry lobby observed that the interim trade pact between India and the US, expected to be finalised shortly, will remove the cloud of "uncertainty", providing access to a bigger market for Indian firms, especially in labour-intensive sectors.
The trade pact between the two nations will also pave the way for technology transfers, more joint ventures and partnerships, the CII president said.
"So I think first is that the uncertainty which was there, I think that will go away. People will get a clearer direction of what will happen in the future, and I think that has a very positive impact," he said.
India's economy is expected to grow 6.4-6.7 per cent during the current financial year driven by strong domestic demand, even as geopolitical uncertainty poses downside risks, according to CII.
"We have a very good position macro economically, things are very stable.
"Our institutions, whether it's the capital markets, whether it is RBI, whether it is banks, are in good shape, corporate balance sheets are looking stronger," the CII president said about India's prospects.
The Reserve Bank has retained India's GDP growth projection for the current fiscal ending March 2026 at 6.5 per cent, saying the country's economy presents a picture of strength, stability and opportunity in the backdrop of global uncertainty.
The FY26 growth projections are compared with the 6.5 per cent economic growth recorded in the 2024-25 fiscal year.
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