India Inc assertive on $5-trn economy
Upbeat on govt’s support in infra investments, reforms: Deloitte pre-budget survey
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New Delhi: India Inc is confident of achieving $5 trillion economy with the central government’s support in infrastructure investments, additional reforms, and enhanced technology adoption, according to a CXO survey by Deloitte Touche Tohmatsu India LLP.
Stating that business leaders anticipate strong economic growth for the next fiscal year, Deloitte in a statement said about 50 per cent of India Inc reflects optimism about the country posting above 6.5 per cent growth in FY25.
Amongst industry sectors, automotive (50%), consumers and retail (66%), technology, media, and telecommunication (47%) and energy, resources and industrials (44%) anticipate high growth.
“Government initiatives, increased trade collaborations, lowering of logistics cost, and policies to increase industrial production (such as intelligent automation in manufacturing and increased investment towards sustainable technologies), will further this momentum. Changing consumer preferences and strong demand in tier-2 and tier-3 cities are other factors aiding this outlook,” it said.
Deloitte said India is poised to fortify its position as a global hub for innovation and research. “Government support for initiatives emphasises the pivotal role of R&D, such as positioning the nation as a manufacturing stronghold and advancing the semiconductor industry.”
Leaders anticipate significant growth in the semiconductor industry.
