CII CEOs Opinion Poll June 2018 shows 82% of Top Indian CEOs are very optimistic on #GDP Growth, expect it to go higher than 7% for FY 2018-19 #CII4Growth#CIIResearch@CimGOI@sureshpprabhu@FinMinIndia@arunjaitley@rabhishek1982@DIPPGOI@PMOIndiapic.twitter.com/QRw8hGWMI1— Confederation of Indian Industry (@FollowCII) June 11, 2018
Here are five things you should know about what top CEOs expect from the economy:
1) A total of 92 per cent of CEOs polled expect further increase in consumption demand during 2018-19, reported news agency Indo-Asian News Service (IANS).
2) On private investment, the poll disclosed that 60 per cent of CEOs believe that it will increase during the coming year.
3) In terms of employment generation, 56 per cent of the CEOs polled expect jobs to increase during 2018-19 and just 18 per cent believe that it will be maintained at the current levels, IANS reported.
4) "The economy is in a sweet spot right now as the adjustment process regarding major reforms of the past few years is largely stabilised and industry is ready for a fresh phase of investment while capacity utilisation builds up," CII President Rakesh Bharti Mittal was quoted as saying in a statement.
5) Sector-wise, the overall opinion of CII members on the manufacturing sector was that "demand is healthy, although input costs are rising".
Last week, the Reserve Bank of India retained its economic forecast for the current fiscal at 7.4 per cent. GDP for the quarter that ended March 31, 2018 accelerated to 7.7 per cent, thus making the country the fastest growing major economy of the world. This was the fastest growth reported in seven quarters.
However, Moody's Investors Service slashed the GDP growth forecast to 7.3 per cent in 2018, from its previous forecast of 7.5 per cent. (With IANS Inputs)