Sajiv Bajaj, the new president of the Confederation of Indian Industry (CII) and the Chairman and Managing Director of Bajaj Finserv, anticipates India's GDP to rise between 7.4% and 8.2% in FY23. Positive momentum in exports, private investments, government infrastructure push, and strong monsoon enabling consumption and job creation are some of the important growth factors, he told reporters. Bajaj stated that the country's GDP is estimated to reach USD40 trillion by 2047, according to the CII's framework, India@100.
Automobiles, for example, are predicted to surpass USD2 trillion in revenue and USD360 billion in exports. Another significant area that will be a big development driver, according to Bajaj, is electronics, which is predicted to reach USD2 trillion in size and USD1 trillion in exports. Textiles and apparels, defence industries, and capital goods are among the other significant growing areas. Services industries such as healthcare, IT, education, communication, media & entertainment, and others are also growing areas.
"India's manufacturing future is smart manufacturing." The true chance for India is to become a global factory, particularly in the next ten years. He continues, "We as an industry must incorporate technology and skill-intensive production."
CII has a 10-point policy agenda for 2030 in the short term. "These include increased government spending on public health and education, an emphasis on scale and technology to power Aatmanirbhar Bharat, employment-linked incentive schemes for services, and a better business and investment climate," he said.