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Indian economy is all set for a strong rebound in the current fiscal posting a growth rate of 9-10 per cent, says a CEOs poll conducted among the members of the CII National Council. A large number of CEOs polled, however, appeared worried about the impact of the new COVID-19 variant Omnicron on services and the manufacturing sector.
As regards growth, about 10 per cent of the CEOs polled believe that it could even exceed 10 per cent during 2021-22. CII President T V Narendran said government’s strong emphasis on public works, timely interventions to boost liquidity and several reforms carried out in the recent months have buoyed the optimism on higher economic growth. The poll is based on the responses of about 100 CEOs.
On the impact of Omicron on business, 55 per cent of the CEOs polled expect that the services sector would get adversely impacted due to the spread of the new variant of coronavirus, while another 34 per cent of the CEOs indicated that it could adversely impact manufacturing activities. According to the CEOs poll, 56 per cent of the respondents indicated that the economy would grow in the range of 9 per cent to 10 per cent during 2021-22, while another 10 per cent polled expected the growth rate in excess of 10 per cent this fiscal year, CII said.