India’s GDP growth for FY25 to surpass Economic Survey’s forecast: CII

India’s GDP growth for FY25 to surpass Economic Survey’s forecast: CIIJuly 22, 2024New Delhi, July 22 (IANS) The Economic Survey 2023-2024 is positive about the India growth story, and India’s GDP growth for FY25 will surpass the forecast and has the potential to reach 8 per cent, Sanjiv Puri, President, Confederation of Indian Industry (CII), said on Monday.The Economic Survey, tabled by Union Finance Minister Nirmala Sitharaman in the Parliament, projects India’s GDP growth rate at 6.5 to 7 per cent for 2024-25 as it sees the economy on a strong wicket. According to Puri, the GDP growth for FY25, which is imminently achievable, is driven by excellent macro-financial management, and a facilitative policy environment which includes a thrust on capex and inflation control. “CII is confident that, going forward, the Indian economy has the potential to achieve 7 per cent plus growth backed by a consensus between the Centre, states, and the private sector on the reform agenda,” he said in a statement. Labour-intensive sectors such as tourism, care economy and food processing sector have the potential to increase employment in the economy, which is critical. “The Survey is spot-on in terms of the six key areas unveiled for Amrit Kaal namely boosting private investment, growth and expansion of MSMEs which is referred to as India’s Mittelstand; agriculture as a growth engine, financing green transition, bridging the education-employment gap and building state capacity and capability,” Puri emphasised. Similarly, the focus on improving the quality of life in the hinterland and emphasis on the social sector such as healthcare, would go a long way to empower the marginalised and ensure that every Indian becomes a stakeholder in New India, said the apex industry chamber. –IANS na/vd