CII: India will witness strong economic growth in 2019

CII: India will witness strong economic growth by 7.5% in 2019: Details, Key Findings, Highlights

The Confederation of Indian Industry (CII) has said that India will witness strong economic growth in 2019, despite external vulnerabilities arising from rising oil prices, the US-China trade war, and America's monetary tightening.

In its growth outlook for 2019, the industry body said, its optimism is buttressed by strong drivers emanating from services and infrastructure sectors and better demand conditions arising out of spending occasioned by the general elections due in early 2019.

In a statement, CII said, better demand conditions, settled GST implementation, capacity expansion from growing investments in infrastructure, continuing positive effects of reform policies and improved credit offtake will sustain the robust GDP growth in the range of 7.5 percent in 2019.

Additionally, CII had suggested the following:

Only three slabs for GST – a standard rate, a higher rate for demerit goods and a lower rate for some mass consumption items – and inclusion of fuels, real estate, electricity and alcohol in the ambit of the levy.

RBI to have lending restrictions on banks under the PCA (prompt and corrective action) and create a limited special liquidity window to meet emergencies of financial institutions.
digitization of land records,

online single window systems in states and enforcing contracts among measures to enhance ease of doing business.
all states implement the Agriculture Produce and Livestock Marketing Model Act to strengthen agriculture produce marketing and

To set up additional benches of the National Company Law Tribunal to address the issue of non-performing assets.
Also to increase domestic oil production to have a positive impact on crude oil prices.