The Confederation of Indian Industry (CII) expects the Indian economy to grow at 8 per cent during the current financial year, according its President Naushad Forbes.
"`Even other things remain constant, this level of growth is possible on the basis of simple assumption that there will be normal monsoon,’’ Forbes told newspersons at press conference here on Thursday.
The industry growth is likely to be around 5 to 6 per cent. "`We started to see the demand picking up in rural side and also in infrastructure,’’ he said, adding that the industry body was hoping to see a "robust'’ investment cycle by the end of the year.
On Good and Services Tax (GST), he said the responsibility for getting the Bill passed was with the Opposition. "`We have been engaging in discussion with the Opposition in this regard,’’ he said.
According to CII estimates, roll-out of GST will result in about 1.5 per cent GDP growth or Rs 8,000 additional income per annum to a household.
CII will also be setting up a world class university in PPP model in Andhra Pradesh’s new capital Amaravati besides a mega convention centre and start up centre, he added.