India to witness strong growth despite global challenges: CII President

Industry body CII on Tuesday predicted country's economic growth rate to range from 7.3 to 7.7 per cent for 2018-19 and then strengthen further in the next few years.

"CII predicts 7.3-7.7 per cent growth in 2018-19 and expects it to strengthen further in the few years to come," said CII President Rakesh Bharti Mittal at a press conference here.

"This in spite of some challenges in the global economy, including hardening of interest rate regimes, volatility in oil prices, etc." 

According to Mittal, GST and Insolvency and Bankruptcy Code are the most relevant reforms that would change the way business is done in the country.

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Responding to a question on how large NPA accumulation needs to be dealt with, he said that CII has been propagating setting up of a very large Asset Reconstruction Institution or a "bad bank", which would help clean up the banking system of the stressed assets and allow for unfettered credit flow.