Anish Shah, the newly-elected president of the Federation Indian Chambers of Commerce and Industry (FICCI), expressed optimism regarding India’s economic growth trajectory. He foresees a robust expansion of 7.5%-8% in the ongoing fiscal year, with an even stronger projection of 8% or more for the following year, driven by a potent combination of vigorous growth momentum, positive sentiments, and escalating private investments.
“We have seen great growth numbers so far at 7.8%, 7.6%. I expect that to continue because we have got strong momentum,” Shah remarked, emphasizing the trend of increasing company investments and capacity additions, citing the Mahindra group’s activities as an example.
Shah, who also serves as the Group CEO and Managing Director of Mahindra and Mahindra, highlighted the current growth rate of 7.8% in the first quarter and 7.6% in the second quarter of the financial year 2023-24. These figures collectively resulted in a 7.7% growth rate for the first half (April-September).
However, amid this promising outlook, Shah acknowledged potential geopolitical tensions that might impinge on India’s growth prospects.
“Primary pressure points are outside India,” he stated, specifically referencing strains between Israel and Gaza and the ongoing situation in Ukraine. Shah expressed hope for a containment of these issues for the greater cause of peace: “Our hope is that it does not expand or accelerate any further from there. For the sake of everyone, it gets to peace.”
