India will continue to grow 6 to 8% in real terms and 10 to 13% nominal in next 5 years: Mr. Ashwini Vaishnaw
“India will continue to grow 6 to 8% in real terms and 10 to 13% in nominal terms, supported by moderate inflation and strong growth”, said Mr Ashwini Vaishnaw, Hon’ble Minister of Railways, Information and Broadcasting, Electronics and Information Technology, Government of India. He was speaking at the session on 'Bet on India – Bank on the Future' organised by Confederation of Indian Industry (CII) in association with EY coinciding with the World Economic Forum (WEF) Annual Meeting 2026 at Davos today.
Mr Vaishnaw highlighted the importance of simplification of permissions and affirmed that the average time for installation of telecom tower permission has decreased from 270 days to 7 days, with 89% permissions coming in zero time.
He further highlighted that there is a need to bridge the gap between the intent and the functioning. As political leaders, there is a need to make sure that the bureaucracy aligns with political power. He further discussed the importance of communicating challenges amongst the industry members, mentioning standardisation of data localisation norms across the US and Europe.
Mr Rajiv Memani, President, CII and Regional Managing Partner of EY Africa India region, Chair – EY Growth Markets Council highlighted that India’s per-capita income is amongst the lowest, suggesting that there is a need to increase per-capita income by at least five times by 2047. In this context, he highlighted India’s strategy to diversify its trade relationships, noting that agreements with regions such as the Middle East, the Asia Pacific, and the United Kingdom are becoming increasingly important. He also pointed out the significant reforms undertaken domestically such as labour reforms and the implementation of GST, which lowered tax rates on consumer food products.
Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII) said that “This discussion is particularly timely. As the global economy navigates uncertainty, fragmentation, and rapid technological change, India stands out as a market of scale, stability, and long-term opportunity.”
A highly diverse group representing global finance and banking, insurance and reinsurance, technology and digital platforms, industrial automation, mobility and transportation, telecommunications, cybersecurity, medical technology, life sciences, food and beverages, chemicals and consumer goods, smart infrastructure, clean energy solutions, and cross-border payments, among others were present at the roundtable.
21 January 2026
Davos