Ficci sees 7.5-8% GDP growth in FY24
Predicts 8% growth rate for FY25 on back of strong growth momentum, positive sentiment and rising pvt capex
Factors Facilitating Growth
- RBI’s decision to keep interest rate unchanged
- Cos investing and adding to capacities
- Make in India initiative
- Farm prosperity and sustainability
Industry expects the economy to grow at 7.5 to 8 per cent in the current fiscal and 8 per cent in 2024-25 on the back of strong growth momentum, positive sentiments and rising private investments, Anish Shah, newly-elected president of the Federation Indian Chambers of Commerce and Industry (Ficci), said on Monday.
There will, however, be geo-political pressure points that may have a bearing on India’s growth prospects, he added. “We have seen great growth numbers so far at 7.8 per cent, 7.6 per cent. I expect that to continue because we have got strong momentum. We are seeing multiple companies investing, adding capacities, something that Mahindra group has done as well. We expect that growth momentum to continue at 7.5 per cent to 8 per cent in the current financial year and for next year, I would expect 8 per cent or higher,” said Shah, who is also Group CEO and Managing Director of Mahindra and Mahindra, in an interview.
Indian economy recorded a growth of 7.8 per cent in the first quarter (April-June 2023-24) and 7.6 per cent in the second quarter (July-September 2023-24). The growth rate in the first half (April-September) works out to be 7.7 per cent.
