Growth target for developed India: Viksit Bharat target needs 10% nominal GDP growth, says CII president Rajiv Memani; US trade pact to aid tech, exports

India needs to clock an average nominal GDP growth of 10% annually to achieve the government’s goal of becoming a developed nation under the Viksit Bharat vision by 2047, newly-appointed CII president Rajiv Memani has said.Nominal GDP is the total value of goods and services produced in an economy measured at current market prices, without adjusting for inflation.“India would require an average about 10 per cent nominal growth to achieve the Viksit Bharat vision,” Memani told PTI in an interview.Memani also said that the long-awaited interim trade pact between India and the US, which is expected to be finalised soon, would clear uncertainty in bilateral ties and open up larger markets for Indian companies, especially in labour-intensive sectors.“So I think first is that the uncertainty which was there, I think that will go away. People will get a clearer direction of what will happen in the future, and I think that has a very positive impact,” he said.According to Memani, the agreement is expected to trigger more technology transfers, joint ventures and partnerships between Indian and American businesses.On the economic outlook, CII expects India to grow between 6.4% and 6.7% in the current financial year, backed by strong domestic demand. However, geopolitical volatility continues to pose a downside risk.“We have a very good position macro economically, things are very stable. Our institutions, whether it’s the capital markets, whether it is RBI, whether it is banks, are in good shape, corporate balance sheets are looking stronger,” he said.The Reserve Bank of India has retained its GDP growth forecast for FY26 at 6.5%, the same as the growth recorded in FY25, noting that the economy continues to show strength, stability, and opportunity despite global uncertainties.

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