Driven by solid macro fundamentals and an ongoing wave of economic reforms, India’s growth trajectory is set to outpace earlier projections, according to newly appointed FICCI President Anant Goenka. In an interview, Goenka said the chamber is confident India will remain among the world’s fastest-expanding major economies as capacity utilisation rises and private sector investments pick up pace.

Goenka noted that capacity utilisation across industries has climbed from nearly 75% to above 80% in recent quarters, signalling stronger demand conditions. He emphasised that reforms in taxation, labour laws, defence production, and manufacturing incentives are now translating into tangible improvements on the ground.

Discussing the long-delayed labour codes, Goenka said the biggest pending question is how wages are going to be defined. From an industry standpoint, he said wage levels in India must be competitive globally while offering adequate support to workers. FICCI expects the government to bring clarity in the new fiscal along with more predictable implementation timelines.

On reducing procedural delays, Goenka stressed the need to shift towards a trust-based approval system, particularly for infrastructure and large-scale industrial projects. Faster self-certification and lower compliance friction, he said, would help accelerate private investment cycles.

Responding to concerns around sectors hit by higher US tariffs, Goenka expressed optimism that a balanced solution will be finalized before the Union Budget. The government, he said, is working closely with industry to mitigate the impact on exporters while maintaining broader trade priorities.

Given the current macroeconomic environment, Goenka expects the Reserve Bank of India to maintain a supportive monetary stance. While a rate cut is not immediately anticipated, he believes low inflation and steady demand offer room for policy flexibility later in the year.

Goenka showed confidence in the India–US bilateral trade relationship, noting growing trust between the two democracies. However, he cautioned that India must remain alert while negotiating FTAs with multiple nations, particularly where tariff structures or market access conditions could disadvantage Indian manufacturers.On rising job-loss fears in manufacturing, Goenka was reassuring. He noted that outside of a few segments like garments and export-linked units, widespread job losses are not visible. Many companies, he said, are retaining skilled workforce in anticipation of stronger demand in FY26.

As India enters the next phase of economic expansion, Goenka believes ongoing reforms, infrastructure push, and stable policy signals will be key drivers in raising India’s growth share in global GDP from the current 3.4% to over 4% by 2026.