FICCI has observed that the economy is growing as per the expectations despite the pandemic. According to FICCI, it is imperative to stimulate the economy to support private consumption and that the Q4 data has been impacted by the effects of Omicron variant.
FICCI President Sanjiv Mehta said that the GDP growth for the current financial year is 9.2% as per the expectation for the current financial year. He said the restrictions to be imposed must be localized as broad based measures may restrict the momentum of growth. He lauded the progress of the vaccination program.
In view of the coming Budget the immediate priority is to sustain the economy recovery with simultaneously ensuring the health and safety of the population, said the Minister. While the private consumption is required to gather steam, boosting the demand is also necessary to support MSMEs.
In the current scenario it’s urgent for the Budget to strengthen the foundation of our economy and take the vision of New India further, said Mehta adding that stable policy regime is needed for the country in terms of taxes and rates.