Indian economy set to breach $5-trn in FY25

New Delhi: India’s economy is likely to surpass $4 trillion in 2024-25 and further escalate to $5 trillion by 2026-27, according to a PHDCCI report released on Wednesday. The industry chamber also expects the RBI to cut the repo rate by 100 basis points in a calibrated manner by the end of 2024.

“The Indian economy is showing evidence of strong growth. It is imperative that there is a need to remain watchful and adaptable in the coming days to mitigate the dangers presented by the global economy through carefully calibrated policy actions,” the report stated.

Observing that despite global challenges, India’s economy remains resilient, the report said the country is poised to attain the status of a developed economy by 2047 under the initiative of ‘Viksit Bharat’. “India is making significant strides for its futuristic growth trajectory. (Indian economy is) anticipated to surpass $4 trillion in the financial year 2024-25 and further escalate to $5 trillion by the financial year 2026-27,” the report said. Deputy Secretary General at PHDCCI SP Sharma said the government should focus more on the informal sector because sometimes the reforms are not percolated at the ground level.