FICCI President Anant Goenka
Goenka also said that the House’s focus for the coming year would be on increasing the share of the manufacturing sector in GDP from the current 15-17 percent to 20-25 percent over time.
To ensure that this happens, the House has outlined priorities such as increasing R&D expenditure from 0.7 percent to more than one percent of GDP; strengthening partnerships between industry and academia, supporting government efforts to further promote ease of doing business, trade and supply chain security, and improving manufacturing excellence, focusing on quality, women in the workforce and adopting sustainable practices.
“I think GDP should be at a level of 7 plus (by 2025-2026). After all the changes that have taken place with respect to income tax, GST changes and changes in labor law, I think with the reforms to come, India’s macros look very strong,” he told PTI in an interview.
Challenges on the trade front will also be resolved in a “very” short time, he said, adding: “So in that respect we are in a good place. Private investment is also something that is ready for change.” As occupancy rates rise, greenfield investments by the industry will also increase, he said.
India’s economy grew at a higher-than-expected 8.2 percent in July-September – the fastest pace in six quarters – as early loading of manufacturing ahead of the GST rate cut boosted consumption, helping offset the impact of steep US tariffs.
Gross domestic product (GDP) growth of 8.2 percent, which follows 7.8 percent growth in the previous April-June quarter, helped India retain the title of the world’s fastest-growing major economy, official data released on Friday showed.
The expansion, which exceeded China’s 4.8 percent, was driven by higher government investment, demand for services, industrial production and robust consumption, in addition to statistical effects from a low base (the economy grew at a below-average 5.6 percent in the same quarter last fiscal).
The newly appointed president, who is also vice-chairman of the RPG Group, said the chamber will also work with states to further improve the country’s business environment.
When asked about the challenges in reviving private investments in the country, he said there were several challenges such as insolvency issues, drying up of demand due to the COVID pandemic and uncertainty over global trade.
However, he added: “We’re coming to the end of some of these challenges and we’re seeing all the macros being quite positive.” Goenka said steps taken to boost domestic demand, such as the GST rate cut, have yielded results.
“Initially, rural demand was weak due to the inflation impact after the COVID-19 crisis, and more recently demand has been semi-urban and urban. There has been a slight slowdown, but now the data shows a positive shift,” he said.
For ease of doing business, he proposed further simplification of rules and promotion of trust-based governance.
Published on December 2, 2025
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