Jagran Bureau, New Delhi: The way the RBI has increased the interest rates in the beginning of May has been understood by the industry. Sanjeev Bajaj, the new president of industry chamber CII, says that the era of expensive loans has started now. The position of interest rates in the coming days will be determined a lot by the fact that how the monsoon conditions in the country. The RBI should come forward and clarify the situation as soon as possible regarding the future of inflation and interest rates. The picture of the economy that Bajaj has presented in a press conference for the first time after taking over as the president of the country’s largest industry chamber, will be determined a lot by the prices of crude oil in the international market. If the price of crude remains close to $ 90 per barrel in the remaining months of the financial year 2022-23, then the economic growth rate of the country will be 8.2 percent, but if it remains at $100 and $110 per barrel, then the rate of growth will come down to 7.8 or 7.4. Percentage can be

The situation will be clear on inflation in the second half

According to Sanjeev Bajaj, something concrete can be said about the rate of inflation only in the second half. It is clear from the current situation that the process of increasing interest rates has started, which will continue for the next few years. We hope that in the next policy announcement, RBI will give a more clear picture of interest rates. The central bank should tell about this in the monetary policy announcement of June itself. Also a lot will depend on the monsoon conditions. Keep in mind that the government says that this time the onset of monsoon is going to start before the normal time. Some experts are expressing concern about this. In the CII’s internal survey, 70 percent of entrepreneurs have said that inflation will increase further.

Increased concern over the prices of petroleum products

CII believes that the prices of petroleum products in India are raising concerns for the entire economy and to reduce this concern, the central government and the states should jointly take steps to reduce the tax rate on petro products. Considering inflation as a challenge, CII says that the Indian economy is performing very well on many other fronts and it will be a five trillion dollar (5 trillion dollar) economy by the year 2026-27, nine lakh crore by the year 2030-31. Dollar economy and can become $ 40 trillion economy by the year 2047-48. But for this, the government will have to pay a lot of attention to increase the share of manufacturing sector in the total economy of the country. Work will have to be done to increase the share of manufacturing in the country’s total economy to 27 percent.

The CII has expressed considerable concern over the declining share of investment and household savings relative to the size of the economy in recent years and urged that the government should take the issue very seriously. At present, the ratio of these two is 26-27 percent as compared to the size of the economy, which is very less. In order to become a strong economy in the hundredth year of independence, we will have to increase it significantly.

Edited By: Praveen Prasad Singh