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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'Warm and engaging atmosphere reigned', Shashi Tharoor on Putin banquet
New Delhi (PTI): Senior Congress leader Shashi Tharoor, who on Friday attended a banquet for Russian President Vladimir Putin at the Rashtrapati Bhawan, on Saturday described the atmosphere there as "warm" and "engaging", and said he enjoyed his conversations with many of the attendees.
Tharoo’s remarks came a day after President Droupadi Murmu hosted a banquet for the visiting Russian president at the Rashtrapati Bhavan here.
“Attended the @rashtrapatibhvn banquet for President Putin last night. A warm and engaging atmosphere reigned. Enjoyed my conversations with many of the attendees, especially my dining companions from the Russian delegation!" Tharoor said in a social media post.
Murmu, while welcoming President Putin and his delegation at the banquet, had said that his visit marked an important milestone -- the 25th anniversary of the India-Russia strategic partnership, which was established in October 2000 during his first visit to the country as president.
Murmu also appreciated Putin's support and personal commitment to the India-Russia special and privileged strategic partnership.
The Congress on Friday said that the leaders of the opposition, Mallikarjun Kharge and Rahul Gandhi, were not invited to the banquet, and took a swipe at Tharoor for accepting the invite.
The party’s media and publicity department head, Pawan Khera, accused the government of breaking protocols daily and not believing in democratic principles.
“There is no invite to both the LoPs, Mr (Mallikarjun) Kharge and Mr (Rahul) Gandhi. This comes as a surprise, but I don't think we should be surprised. This government is known to be breaching all protocols. What else to say, ask the government,” Khera said on Friday.
Asked about Tharoor accepting the invite for the banquet, Khera said, "Ask Mr Tharoor. All of us who are in the party, if our leaders don't get invited and we get invited, we need to question our own conscience and listen to our conscience. Politics has been played in inviting or not inviting people, which in itself is questionable, and those who accept such an invite are also questionable."
“We would have listened to our voice of conscience,” he added.
Earlier, Tharoor had said that there was a time when the chairman of the external affairs committee was routinely invited, but that practice seems to have stopped some years ago.
On Thursday, Congress leader Rahul Gandhi alleged that the government tells visiting foreign dignitaries not to meet the leader of opposition due to its "insecurity".
His remarks came hours ahead of Putin's two-day visit to India.
