Sanjiv Puri, Vice President and Managing Director of ITC and Confederation of Indian Industry (CII) Vice President, on Wednesday, May 24, expressed optimism about the Indian economy, highlighting its continued robustness and successful management amidst global challenges.
Puri emphasised that the country's high frequency indicators reinforced its positive trajectory, with only a few sectors warranting careful observation due to their connection to global pricing and external demand.
Puri acknowledged that during the previous quarter, global recessionary conditions had led to a slight compression of demand at the global level. However, he reassured that this was an isolated incident, and the overall outlook remained promising.
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He emphasised that domestically-driven sectors were performing exceptionally well, contributing to the overall stability and growth of the Indian economy.
When discussing inflation, Puri explained that the situation within India was well under control, with inflation rates falling within the prescribed band. He highlighted that any inflationary pressures primarily originated from external factors and the country's robust management had effectively mitigated their impact on the domestic economy.
Attributing the Indian economy's stability and resilience to the government's astute management, Puri praised the purposeful and timely actions taken on both fiscal and monetary fronts.
He lauded the government's proactive measures in addressing economic challenges, which had contributed to India's status as the best performing economy.
Puri concluded by asserting that despite certain external uncertainties, the Indian economy's strong fundamentals and well-managed inflationary environment ensured a positive outlook.
With domestic consumption driving growth and the government's continued focus on prudent policies, India remained well-positioned to weather global economic fluctuations.
