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NRIPage | Articles | India Can Achieve Economic Growth Comparable to China, Says CII Chairman | Get Education & Training Articles. Empowering Lifelong Learning around the world - NRI Page
Jamshyd Godrej, Chairman of the CII-Sorabji Green Business Centre, has expressed confidence that India can emulate the remarkable economic growth that China experienced in recent decades. Speaking exclusively on Wednesday, Godrej emphasized that achieving such growth rates, similar to China's average GDP growth of 9.91% from 1979 to 2010, is within India's reach. However, he stressed the need for enhanced coordination between Indian industries and the government in policymaking.
Godrej pointed out that while China's economy has faced challenges post-Covid, with a growth rate of 5.2% in 2023, India is positioned as the "world's fastest growing large economy," with a GDP expansion of 8.2% in fiscal 2024. He believes that India's current growth rate of 7-8% could potentially increase to 10-12% with robust infrastructure and legal frameworks.
Highlighting the importance of infrastructure, Godrej stated that while India has a good legal system, its slow pace in resolving commercial and land disputes hampers functional efficiency. He called for reforms to accelerate legal processes, allowing India to unlock its full economic potential.
Godrej also praised the recently launched PM Internship Scheme, which aims to address the skills gap in various industries. He highlighted the need for a societal shift to respect and celebrate skilled labor, such as electricians and plumbers, rather than solely pursuing traditional academic degrees. By fostering a culture that values all types of work, India can ensure a vibrant job market filled with opportunities for skilled individuals.
