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India Inc upbeat on economy: CII poll

Our Bureau

New Delhi , Jan. 2

A SNAP poll of CEOs conducted by the Confederation of Indian Industry (CII) suggests that 57.5 per cent of them felt the current fiscal would end with a GDP growth rate of 6-6.5 per cent.

Another 31.8 per cent of the respondents felt that the growth rate would be in the range of 6-7 per cent, a CII release said.

For the next fiscal, 26.5 per cent of the respondents of the CII snap poll felt that the GDP growth rate would be between 6 per cent and 6.5 per cent, while 37.5 per cent respondents expected 6-7 per cent GDP growth.

According to the survey, 31.42 per cent of the respondents felt that inflation would be between 7-8 per cent, and 38.57 per cent of the respondents said that the rate would vary between 6-7 per cent for 2005-06.

Responding to expectations regarding the changes in basic corporate tax rate in the forthcoming budget, 54 per cent of the respondents expected the corporate tax to remain unchanged at 35 per cent, and balance 46 per cent expected that it would be reduced to 30 per cent.

In the last Union Budget, the Government has brought down the peak customs duty to 20 per cent.

About 57 per cent of the CEOs did not expect any reduction in customs duty.

The remaining 43 per cent expected that the most commonly prevailing Customs Duty would come down to 15 per cent.

In response to queries on growth rates that CEOs foresee for their company during the current fiscal, 38 per cent of the CEOs expected sales growth to be between 10-20 per cent and another 38 per cent expected it to be between 20-30 per cent.

Over 27 per cent of the respondents expect profits growth between 10 and 20 per cent, 17.24 per cent expect it to be between 30 and 40 per cent, and 13.8 per cent expected it to be between 40 and 50 per cent during the current fiscal.

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