December 11, 2023
In 2024-2025, the economy is expected to grow by 8%
The Indian economy exhibited a growth of 7.8% in the first quarter (April-June 2023-24)
In the second quarter (July-September 2023-24), the economy grew by 7.6%
India’s cumulative growth for the first half of 2023 stood at 7.7%
Indian economy’s growth is expected to be 7.5 to 8% in the current fiscal year and 8% in 2024-25, propelled by robust growth momentum, positive sentiments, and increasing private investments, according to Anish Shah, the newly-elected president of the Federation of Indian Chambers of Commerce and Industry (FICCI) on Monday.
Shah, also the Group CEO and Managing Director of Mahindra and Mahindra, expressed confidence in the ongoing growth trend, citing the strong momentum of multiple companies investing and expanding capacities.
The Indian economy exhibited a growth of 7.8% in the first quarter (April-June 2023-24) and 7.6% in the second quarter (July-September 2023-24), resulting in a cumulative growth rate of 7.7% for the first half (April-September).
Shah suggested that the government continue fostering growth momentum to navigate external challenges. He also highlighted the positive sentiment among Indian companies, noting increased investment and capacity addition. Shah stressed the need for companies with deleveraged balance sheets to play a more significant role in the case of a global economic crisis.
Regarding the Reserve Bank of India’s decision to maintain the unchanged interest rate for the fifth consecutive time, Shah commended the RBI for its proactive stance, emphasising the importance of keeping inflation under control. He expressed industry readiness to welcome rate cuts once the economy is on a solid long-term trajectory.
Source: Financial Express