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India Inc bullish on economy: CII
E-Tex Staff - New Delhi
A recent CEO’s snap poll conducted by the Confederation of Indian Industry
(CII) has revealed that 57.5% of the CEOs felt the year 2004-05 would end with
a GDP growth rate varying between 6-6.5%. Of the respondents, 31.8% expected
growth to lie in the broader 6-7% range, implying that 89.3% expected growth
in the range of 6-7%. As many as 26.5% felt the GDP growth rate would be between
6-6.5% while 37.5% saw a 6-7% GDP growth, indicating a total 64% vote for 6-7%
growth. Of the respondents 31.42% felt that inflation would range between 7-8%
in 2005-06, while 38.57% expected it to vary between 6 & 7%, a CII release
said.
On the fiscal deficit front, 81% of the respondents felt the deficit would be
less than 4.4% for 2004-05. Responding to expectations regarding the changes
in basic corporate tax rate in the forthcoming budget, 54% of the respondents
expected the corporate tax to remain unchanged at 35% and the rest 46% expected
it to be reduced to 30%. In the last Budget, the government brought down the
customs duty to 20%. Of the CEOs polled, 57% did not expect any reduction in
customs duty in the upcoming budget even as 43% expected this common duty to
be brought down to 15%.
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