Aatmanirbhar Bharat needs Aatmanirbhar banking sector: CII's Sanjiv Bajaj

In a Q&A, the president of the industry body dwells on how a cut in fuel duties will spur demand, and the impact of interest rate regime on India's FY23 GDP growth

Bajaj Finserv’s Sanjiv Bajaj, the new President of Confederation of Indian Industries, batted for allowing corporates into the banking sector. Talking on a range of issues with Nikunj Ohri and Arup Roychoudhury, Bajaj said that cutting petrol and diesel duties will spur consumption and demand, and how the interest rate regime goes from here will determine India's FY23 GDP growth. He said that inflation will continue to hurt margins of companies. However, that will not disrupt private sector capex revival which is getting stronger. Edited excerpts:

Mr Bajaj, CII has given a range of GDP estimates for FY23 based on