LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

India's robust economic growth to continue in 2019: CII

The industry body observed that despite 2018 being filled with external vulnerabilities arising out of rising oil prices, trade wars between major global trading partners and US monetary tightening, India outshined as the world's  fastest growing  major economy.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
India's robust economic growth to continue in 2019: CII
The country is expected to witness strong economic growth in 2019, Image source: Pixabay
Written By: PTI
Updated: Sun, Dec 30, 2018
03:52 pm
New Delhi, PTI
RELATED NEWS
India to grow at 7.4 per cent in 2018: IMF India to grow at 7.4 per cent in 2018: IMF
Budget session begins; Economic Survey to be tabled today Budget session begins; Economic Survey to be tabled today
Demonetisation, GST uncertainties affected India's economic momentum: World Bank Demonetisation, GST uncertainties affected India's economic momentum: World Bank
HSBC sees India's economic growth unchanged at 7.1% in FY18 on lower investments HSBC sees India's economic growth unchanged at 7.1% in FY18 on lower investments
Note ban to benefit jewellery sector in long run: Industry Note ban to benefit jewellery sector in long run: Industry

The country is expected to witness strong economic growth in 2019, after it has emerged as the fastest growing major world economy this year despite growing global vulnerabilities, industry body CII said Sunday.

The positive outlook is buttressed by strong drivers emanating from services sector and better demand conditions arising out of poll spend, with the general elections slated next year, according to the chamber.

"Better demand conditions, settled GST implementation, capacity expansion from growing investments in infrastructure, continuing positive effects of reform policies and improved credit offtake especially in the services sector at 24 per cent will sustain the robust GDP growth in the range of 7.5 per cent in 2019," CII Director General Chandrajit Banerjee said.

The industry body observed that despite 2018 being filled with external vulnerabilities arising out of rising oil prices, trade wars between major global trading partners and US monetary tightening, India outshined as the world's fastest growing major economy.

It has identified seven key drivers for growth that need to be fostered and suggested policy actions for robust GDP growth to continue in 2019. Among key growth drivers, CII hopes the GST Council will consider extending the tax to currently exempted sectors such as fuel, real estate, electricity and alcohol.

The chamber outlined that credit availability has been a challenge, particularly for the micro, small and medium enterprises, as credit flow to industry grew by a mere 2.3 per cent in first half of the current financial year. 

"CII submits that the RBI should introduce measures such as revisiting lending restrictions of PCA (Prompt Corrective Action) banks, opening of a limited special liquidity window to meet emergencies of financial institutions, including Mutual Funds besides others to improve liquidity in the system,? it said.

Besides, the process of insolvency resolution has taken shape, the chamber feels the government should consider setting up additional benches of the National Company Law Tribunal to strengthen the judicial infrastructure for easier and faster exit of distressed businesses.

The chamber believes the government will continue to place high priority on simplifying business procedures in 2019, especially in terms of working with states for grassroots improvements.

"We look forward to digitisation of land records, online single window systems in states, and enforcing contracts for even more improvements in ease of doing business," said Banerjee.

On agriculture reforms, CII suggested that it is important to persuade states to implement the Agriculture Produce and Livestock Marketing Model Act, which has been implemented in just four states, to strengthen agriculture produce marketing.

Going ahead, it opined that India also needs to increase domestic production of oil, providing a special window for oil marketing companies to procure fuel and stepping up diplomacy with the US to continue to secure purchase from Iran.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
India Economic GrowthEconomy
RELATED NEWS
India to grow at 7.4 per cent in 2018: IMF India to grow at 7.4 per cent in 2018: IMF
Budget session begins; Economic Survey to be tabled today Budget session begins; Economic Survey to be tabled today
Demonetisation, GST uncertainties affected India's economic momentum: World Bank Demonetisation, GST uncertainties affected India's economic momentum: World Bank
HSBC sees India's economic growth unchanged at 7.1% in FY18 on lower investments HSBC sees India's economic growth unchanged at 7.1% in FY18 on lower investments
Note ban to benefit jewellery sector in long run: Industry Note ban to benefit jewellery sector in long run: Industry

LATEST NEWS

Google fires 150 game developers hired for Stadia: Report

Sovereign Gold Bond Scheme 2021: Issue Price fixed at Rs 4,662/gm

Apple, Croma join hands on Jobs'' birth anniversary

Pensioners ALERT: RUSH! Last date to submit digital life certificate tomorrow—Avail doorstep service from SBI, PNB, BoB and other banks

Maharashtra board exams for Classes 12, 10 to begin on April 23, 29

CBSE exam 2021: Class 10, 12 students should know THESE 10 points before appearing for board exams

7th Pay Commission: CONFIRMED! 3% DA, DR hike for government employees, pensioners of THIS state from March 1

PM Narendra Modi to inaugurate India Toy Fair today

Bank Holidays March 2021: RBI says banks will remain closed on these many days next month

7th Pay Commission Latest News: Check out these vacancies notified by UPSC; salary up to Rs 1,77,500 plus DA and other allowances

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved