Over 80% CEOs expect 2018-19 growth to be higher than 7%: CII Poll
Mumbai, June 11: Industry body Confederation of Indian Industry's (CII) "CEOs opinion poll" on Monday showed that 82 per cent of the chief executives expect GDP growth to be higher than seven per cent for 2018-19.
As per the poll data, out of the 82 per cent, 10 per cent of CEOs expect the growth rate to even go above 7.5 per cent.
Besides, 92 per cent of CEOs polled expect further increase in consumption demand during 2018-19.
On private investment, the data disclosed that 60 per cent of CEOs believe that it will increase during the coming year.
In terms of employment generation, 56 per cent of the CEOs polled expect jobs to increase during 2018-19 and just 18 per cent believe that it will be maintained at the current levels.
According to the industry body, positive sentiments on the Indian economy were "universally expressed" at a meeting of its National Council (NC) held in Pune on June 4, and attended by more than 80 senior corporate leaders.
The "CEOs opinion poll" was held during the CII meeting.
"The economy is in a sweet spot right now as the adjustment process regarding major reforms of the past few years is largely stabilised and industry is ready for a fresh phase of investment while capacity utilisation builds up," CII President Rakesh Bharti Mittal was quoted as saying in a statement.
"Industry is looking forward to GDP growth rate picking up to close to eight per cent over the next couple of years. Fiscal prudence, able macroeconomic management, and strong reforms process have set a sound foundation for growth."
"Exports registered 10 per cent growth over 2017-18 as the global economy is recovering and we expect the momentum to pick over the current year. Going forward, we must leverage stronger overseas demand and shifting global value chains through trade facilitation and competitive products."
Additionally, the CII NC meeting lauded the landmark policy of "Fixed Term Employment" which has recently been extended to all sectors.
Sector-wise, the overall opinion of CII members on the manufacturing sector was that "demand is healthy, although input costs are rising".
Mittal said: "Most manufacturing sectors are firing up now, with automotives, FMCG, electronics and chemicals leading the way. Rural demand can be expected to remain resurgent on the back of normal monsoons as forecast, while public spending on infrastructure is boosting prospects for capital goods and downstream sectors."
Regarding the infrastructure sector, CEOs stated that there is a "discernible pick-up" now as compared to a few years ago.
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NATO, others turn down US call for help in Hormuz: Trump
Washington (PTI): President Donald Trump on Tuesday said NATO and most of US' other allies have rejected his calls to help secure the Strait of Hormuz as the war with Iran entered the third week.
In a social media post, Trump asserted that Iran’s military has been “decimated” and he no longer felt the need for assistance from NATO countries or anyone else.
Last week, Trump had sought help from European nations and others who depend on oil supplies transiting from the Hormuz Strait to safeguard the critical waterway.
“The United States has been informed by most of our NATO “Allies” that they don’t want to get involved with our Military Operation against the Terrorist Regime of Iran, in the Middle East, this, despite the fact that almost every Country strongly agreed with what we are doing, and that Iran cannot, in any way, shape, or form, be allowed to have a Nuclear Weapon,” the US President said in a post on Truth Social.
Iran's attacks on Gulf nations and its grip on the Strait of Hormuz, through which a fifth of the world's oil is transported, have sparked increasing concerns of a global energy crisis and are unnerving the world economy.
“I am not surprised by their action, however, because I always considered NATO, where we spend Hundreds of Billions of Dollars per year protecting these same Countries, to be a one-way street — We will protect them, but they will do nothing for us, in particular, in a time of need,” Trump said.
He said Australia, Japan and South Korea too have turned down his call for help.
“Fortunately, we have decimated Iran’s Military – Their Navy is gone, their Air Force is gone, their Anti-Aircraft and Radar is gone and perhaps, most importantly, their Leaders, at virtually every level, are gone, never to threaten us, our Middle Eastern Allies, or the World, again,” Trump said.
He said that given the scale of recent military successes, the US no longer "need" or desires assistance from NATO countries, adding that it never relied on such support in the first place.
Speaking as President of the United States, the "most powerful" country in the world, "we do not need" help from anyone, Trump said.
The West Asia conflict began on February 28 when the US-Israeli combine conducted airstrikes on Iran.
The Strait of Hormuz, the narrow waterway that connects the Persian Gulf to the open ocean, has effectively been shut following the US and Israel attack on Iran and Tehran's sweeping retaliation.
However, Iranian Foreign Minister Abbas Araghchi had said that from Tehran's "perspective", the strait is "open". "It is only closed to Iran's enemies, to those who carried out unjust aggression against our country and to their allies.”
Earlier in the day, a second Indian-flagged LPG tanker, Nanda Devi, reached the country after safely sailing from the war-hit Strait of Hormuz. On Monday, the first ship, Shivalik, reached Mundra port in Gujarat.
As of now, 22 Indian vessels remain on the west side and two on the east side of the strait.
Indian authorities are in constant touch with all the relevant stakeholders in the region to secure the safe passage of the remaining ships, officials said.
