Economy is set on a path to Recovery: CII

New Delhi: CII president Rakesh Bharti Mittal on Sunday said that there are now strong indications that the economy is set on a path to recovery.

“The impact of sustained structural reforms is now being felt on the ground as a mammoth economy is turning around,” said Mr Mittal. “Businesses across several key sectors are experiencing firm growth in sales and orders, indicating better capacity utilisation and higher investment expectations,” he added.

According to CII, strong rural consumption is reflected in sectors such as consumer non-durables, 2-wheelers and tractors. “Prudent macroeconomic management has encouraged growth and investments for capacity expansion are being planned as demand conditions recover,” said CII.

“The feedback from businesses is that the rebound in the economy is now firmly entrenched and the positive impact of the actions taken, including major structural reforms, are being felt on the ground,” he said.