The Confederation of Indian Industry (CII) said that businesses across several key sectors are seeing firm growth in sales and orders, indicating that the economy is on a recovery path and investments will pick up.
CII President Rakesh Bharti Mittal said the impact of sustained structural reforms is being felt on the ground as a mammoth economy is turning around.
“Businesses across several key sectors are experiencing firm growth in sales and orders, indicating better capacity utilisation and higher investment expectations,” Mittal added.
Sectors like consumer non-durables, two-wheelers and tractors are witnessing strong rural consumption. Prudent macroeconomic management has encouraged growth and investments for capacity expansion are being planned as demand conditions recover, CII said in a statement.
“With several major development campaigns such as Make in India, Digital India, Swachh Bharat, Clean Energy and others gaining traction, as well as recovery in the global economy and expectations of a normal monsoon, CII expects growth to record 7.3-7.7 per cent in 2018-19,” CII added.