In a significant event that projected the future of global economic policies, Indian Finance Minister Nimala Sitharaman addressed the CII Global Economic Policy Summit 2023. Her participation indicated a keen focus on contemporary economic challenges and the policies likely to have a significant impact on the global economy. The Confederation of Indian Industry (CII) facilitated this platform, aiming to stimulate discussions on economic trends and strategies amongst global leaders and policymakers.
Unveiling the National Circular Economy Framework
An important highlight of the summit was the unveiling of the National Circular Economy Framework (NCEF) by Prof Ajay K Sood. This comprehensive roadmap is expected to guide India's transition to a circular economy. Key areas identified for innovation included recycling plastic waste, electronic waste, and faecal sludge. Ms Roopa Mishra, Joint Secretary- SBM, Ministry of Housing & Urban Affairs, underlined the need for clear segregation of recyclables and non-recyclables and the potential for electricity generation from waste.
The Economic Outlook and Strategic Initiatives
Confederation of Indian Industry (CII) president R Dinesh painted an encouraging picture of the Indian economy, expecting it to grow at 6.8% in FY24, with continuous private investments. He noted that capacity utilization in factories is seen at 75-95% across sectors, which warrants fresh investments. However, he does not foresee a softening in the RBI's policy rates soon. He emphasized the need for private capital investment across sectors including construction, cement, and automobile.
Implications of the Election Cycle
Dinesh also dismissed worries about the ongoing election cycle impacting investments. He recalled that in the previous election cycle in 2019, investments did not pause. Dinesh stated, "I do not think the private sector is worried about the election in itself." He also praised the government's steadfast focus on infrastructure and fiscal discipline, despite the election cycle.