The Economic Survey tabled in Parliament on Monday is a morale booster for the India growth story, projecting 6.5-7% economic expansion for the fiscal year 2024-25. This growth is supported by a robust services sector, promising manufacturing, and investor enthusiasm, as reflected in the encouraging rise in gross fixed capital formation, according to Assocham.
“Noteworthy is the fact that Survey’s promising GDP projections for the current financial year come in the backdrop of 8.2% economic growth in 2023-24. Growth is well spread across different sectors like manufacturing , real estate and construction, as pointed out by the important document presented in Parliament,” said Deepak Sood, Assocham secretary general.
Sood highlighted a remarkable 19.8% increase in Gross Fixed Capital Formation by private sector non-financial corporations in FY23, contributing to the robust economic performance. He expressed confidence that this trend would continue, emphasising its secular nature.
The Survey’s focus on creating 78.5 lakh jobs annually until 2030 reflects the government’s commitment to harnessing the fourth industrial revolution and new-age technologies like AI. “The industry will support these efforts to create quality jobs,” Sood added.
Assocham praised the Survey’s emphasis on deregulation and the private sector’s catalytic role in boosting investment. The chamber noted the importance of expanding the manufacturing sector to generate employment for the semi-skilled workforce.
With a robust 9.5% industrial growth and improved infrastructure, logistics, and compliance, India is poised for sustained industrial activity and increased GDP contribution.