'Indian economy is in a sweet spot'

R. Dinesh, executive vice-chairman, TVS Supply Chain Solutions, took over as the president of leading industry body CII late last month. Speaking with Ritwik Sinha, the new CII chief asserts that the country is in a strong position to sustain its growth momentum and become more attractive global investment destination. He, however, also emphasises that, in an election year, political parties should not lose sight of the critical issue of fiscal consolidation...

What is your take on the current macro-economic fundamentals of the national economy? The overall GDP growth number for the last fiscal (7.2 per cent) released recently seems to have surprised everybody...

The recent growth data is indeed pointing to a positive scenario. There are three major cushions here. Firstly, we don't have any major negative development expected on the economic front in the near run. Secondly, post-Covid, the economy has looked quite healthy. Thirdly and most importantly, India has become the focus of most of the leading global corporations -- both for geo-political and domestic market opportunity reasons.

These supporting factors have been built on good reforms that have been implemented for last so many years. Some of them have been transformative reforms, which gives us the confidence that, despite reports of slowdown elsewhere and some negativity in leading economies, India will still continue to grow at 6.5-6.7 per cent. This is a good number. It entails 15 per cent of global growth will be happening in India. And across all major economies, our growth will be the highest.