India to continue transformation under PM Modi towards becoming 3rd largest economy: CII

The Confederation of Indian Industry (CII) on Monday said they are confident that under the astute leadership of Prime Minister Narendra Modi, the country would continue its economic transformation and emerge among the top three in the world.

In a statement, Sanjiv Puri, President of CII, congratulated PM Modi for assuming charge for the third consecutive term.

“Building upon a strong growth rate of 8.2 per cent for 2023-24, the new government under his visionary leadership can usher in the next phase of reforms to make the most of the global opportunities and build on the robust fundamentals of the Indian economy,” said Puri.

India is forecast to surpass Japan to become the world's fourth-largest economy in the near future. The government recently said India is expected to overtake Japan and Germany to emerge as the world's third-largest economy by 2027.

This is a pivotal moment for India, and Indian industry is keen to work with the incoming government to further accelerate the developmental journey of the nation, he noted.

Chandrajit Banerjee, Director General, CII, said that under PM Modi’s visionary leadership, “we shall see the unfolding of a golden chapter in India’s development journey.”

PM Modi on Monday took charge and signed his first file for the welfare of the farmers.

This will benefit 9.3 crore farmers with a total distribution expected to reach around Rs 20,000 crore.

Banerjee said that the CII would intensify its initiatives for building stakeholder consensus on the next generation of reforms and “work closely with the new government on unlocking the potential of India’s demographic dividend through education, healthcare and skill development".