Budget 2024: Industry Bodies Bullish On India's GDP Growth Beating Economic Survey Forecast

Industry leaders expressed confidence on Monday that India's gross domestic product growth will exceed the 6.5-7% forecast presented in the Economic Survey 2024, anticipating that the forthcoming budget will introduce measures to further unlock the country's growth potential.

Chandrajit Banerjee, director general of Confederation of Indian Industry, described the survey as "pragmatic" and forward-looking, envisioning India's journey towards becoming a developed economy by 2047.

CII President Sanjiv Puri echoed the optimism, stating, "I am confident that India's GDP growth for fiscal 2025 will surpass the forecast given in the survey and, under certain conditions, could reach 8%."

Similarly, PHD Chamber of Commerce and Industry President Sanjeev Agrawal projected growth above the survey's conservative estimates, noting that, "8% growth is becoming a new normal for India."

He attributed this potential to excellent macro-financial management and a supportive policy environment focusing on capital expenditure and inflation control.

The industry bodies commended the survey for highlighting key areas essential for India's long-term vision, including private investment, Ministry of Micro, Small and Medium Enterprises growth, agricultural development, green transition financing, bridging the education-employment gap, and enhancing state capacity.

They also emphasised the importance of invigorating the agriculture sector and improving the quality of life in rural areas to ensure inclusive growth.

The survey projects India's economic growth at 6.5-7% for fiscal 2025, down from 8.2% in fiscal 2024.

However, industry leaders remain confident in India's resilience and potential for higher growth, citing consolidated post-Covid recovery and stable economic footing.

The Federation of Indian Chambers of Commerce and Industry President Anish Shah and Assocham Secretary General Deepak Sood also highlighted the need for continued reforms and job creation to leverage new-age technologies and achieve higher growth rates.

Overall, industry bodies remain optimistic about India's economic prospects, anticipating that supportive policies and reforms will drive robust growth in the coming years.

(With inputs from PTI)