According to FICCI report,India is projected to grow at 6.9% for the year 2019-20.
They have also said that the RBI will continue its accommodative stance with a further cut in the repo rate in the remaining part of 2019-20.
The report has identified four key areas of improvement that would help create more jobs which are (a)cost of doing business (b) regulatory reform (c)labour reforms and (d) announcement of sector specific special packages.
However,the report has expressed concerns on external front with median current account deficit forecast pegged at 2.3% of GDP for 2019-20.
The report has listed various concerns on the external front such as (a)overall decline in global growth forecasts (b)escalating trade tensions (c)uncertainty around Brexit and (d)foggy outlook on international crude oil prices.
The report has said that to achieve India’s potential growth rate, government should (a)boost agriculture (b)strengthen micro, small and medium enterprises (MSMEs) (c)enhance avenues for infrastructure financing and (d)borrowing costs should be lowered to drive investments and employment in the country.
Federation of Indian Chambers of Commerce and Industry(FICCI) is the largest and oldest business organization in India.It is a non government and nonprofit organization.It was established in 1927 on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas.