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FMCG, auto data shows rural demand is coming back: CII President R Dinesh

We are projecting FY24 GDP growth at 6.5-6.7 per cent. We believe 6.5 per cent will be achievable, even in a slightly negative scenario. And 6.7 per cent is our belief, let me put it that way

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7 min read Last Updated : Jun 04 2023 | 8:28 PM IST

India’s growth in FY24 is expected to cross 6.5 per cent on the back of robust domestic demand, and strong corporate and bank balance sheets, Confederation of Indian Industry (CII) President R Dinesh said. In an interview with Arup Roychoudhury, he said commitment to invest by the private sector in FY23 was nearly 80 per cent higher year-on-year and that bodes well for the current fiscal year. Excerpts:

The FY23 GDP growth projection has been quite encouraging. What is your outlook for FY24?

We are projecting FY24 GDP growth at 6.5-6.7 per cent. We believe 6.5 per cent will be achievable, even in a slightly negative scenario. And 6.7 per cent is our belief, let me put it that way. If you look at the tailwinds, first and foremost is the fact that the domestic demand has come back. Second, from the corporates’ perspective, the balance sheets are very strong, they are less under