India in much better position to deal with challenges: Sanjiv Bajaj

India is in a much better position to deal with the challenges related to growth and inflation, said Sanjiv Bajaj, president of industry body CII.

According to official figures, India's retail inflation continues to remain above the Reserve Bank's tolerance level of 6 per cent since January, while the economic growth in the first quarter of the fiscal was 13.5 per cent, lower than the central bank's estimate of 16.2 per cent.

"I don't want to say we don't have our own challenges with growth, with inflation but we are in a much better position and credit must go to everybody including the central and state governments.

"I don't see economic growth as an issue," Bajaj, who is also the CMD of Bajaj Finserv, told PTI.

Tata Steel managing director and CII's former president T V Narendran also spoke to PTI and appreciated the efforts undertaken by states to attract investments.

"There are complexities to solve but ... I feel the environment is encouraging investments, encouraging growth, there is an attempt to simplify processes, bring more transparency, and also the good thing is that states are competing with each other to attract investments," he said.

India has overtaken the UK to become the world's fifth-largest economy and is now behind only the US, China, Japan and Germany, according to IMF projections.

A decade ago, India was ranked 11th among large economies, while the UK was at the fifth position.

States have been holding investor meets to attract investments in various sectors.

Invest Rajasthan 2022 Summit is being organised on October 7-8 in Jaipur, 'Make in Odisha' Conclave 2022 will be held in Bhubaneswar from November 30 to December 4, and Uttar Pradesh will be holding 'UP Global Investor Summit' in January 2023.