CII expects economy to grow between 6.4-6.7 per cent during FY26
Ernst and Young Private Limited (EY) India Chairman and Regional Managing Partner Rajiv Memani addresses a press conference after taking over as the President of Confederation of Indian Industry (CII), in New Delhi, Thursday, July 3, 2025.
| Photo Credit:
ATUL YADAV/PTI
Indian economy is expected to grow between 6.4 to 6.7 per cent, Rajiv Memani, newly appointed President of industry chamber, Confederation of Indian Industries (CII) said on Thursday.
Addressing his maiden press conference as the President, Memani highlighted that magnitude of the current global shock is unprecedented in recent history. However, amidst global flux, India continues to lead as the world’s fastest-growing major economy. “If India has to capitalise on the opportunity, it will need to undertake more economic reforms, win the AI race and address and job impact, grow high end and employment intensive manufacturing and continuing focus on Ease of Doing Business,” Memani suggested in his presentation.
He listed robust four macro indicators. First, private sector investments is rising a net fixed assets of private companies increased in H2FY25. Second, headline inflation has undershot RBI’s 4 per cent target in the last four consecutive months. Third, as per RBI, rural and urban households are optimistic about future consumption. And fourth, current account deficit down, forex reserves are strong and external debt to GDP is low. “India’s services trade provides cushion with India’s share in services exports on an uptrend,” Memani highlighted.
Talking about overall growth, he said that while FY 26 real growth is expected to be in a range of 6.4 to 6.7 per cents, risks to growth are evenly balanced. Upside comprises of strong domestic demand while downside is referred to geo-political uncertainty, he explained.
Presenting CII theme for 2025-26, Memani grouped them under the umbrella ‘Accelerating Competitiveness’ and this include steps to be taken for next gen reforms, manufacturing, technology & AI, sustainability & energy transition and livelihood. In an effort to achieve share of manufacturing at 25 per cent by 2047, he suggested that make the National Manufacturing Mission ‘an action-oriented body, and not merely an advisory body.’
He urged to provide a clear mandate to the Mission to increase share of manufacturing in GDP, generate employment at scale, and expand exports. The mission should Include issues of ease of doing business, tax rationalization, tariff simplification, modernizing customs protocols, among others. It should be made a central platform to drive convergence across ministries, state governments, and regulators
Further he proposed a three-tier structure is proposed for strategic oversight, execution, and monitoring; with technical expert committee support. It could become an institutional platform for industry engagement. He also suggested a ‘Sub-Mission on Advanced Manufacturing’ under National Manufacturing Mission
Published on July 3, 2025
