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India needs nominal GDP growth rate of 10% annually to achieve Viksit Bharat goal: CII president
Jul-07-2025

In order to achieve the government's vision of Viksit Bharat by 2047, the Confederation of Indian Industry (CII) President Rajiv Memani has said India needs an average nominal Gross Domestic Procut (GDP) growth rate of 10% annually. 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.

The president 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.

He 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’. according to CII, India's economy is expected to grow 6.4-6.7% during the current financial year driven by strong domestic demand, even as geopolitical uncertainty poses downside risks. He added ‘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’.

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