(MENAFN– IANS) New Delhi, Oct 22 (IANS) A Deloitte report predicts India’s GDP growth for FY 2024-2025 will be between 7% and 7.2%, aligning with the Reserve Bank of India’s forecast of 7.2% growth for FY25.
Dr. Rumki Majumdar from Deloitte India notes that as India’s economy stabilizes post-elections, it has shown resilience. Although GDP growth was 6.7% in the April-to-June quarter—its slowest in five quarters—India remains among the fastest-growing major economies, with predictions of ongoing strength.
Growth is expected to increase due to rising consumer spending, especially in rural areas, as inflation eases and agricultural output improves following better monsoon conditions.
The report highlights that higher capital inflows could lead to long-term investments and job opportunities, as multinational companies seek to cut costs.
The government aims to boost manufacturing and enhance youth employability, leveraging India’s youthful population for economic growth.
Moving towards a $5 trillion economy by FY 2027-2028, expanding manufacturing and clean energy sectors may generate quality jobs, benefiting states that invest in these areas.
Rural consumption is rebounding due to lower food inflation and strong agricultural yields this year, which should elevate spending during festive months. Manufacturing capacity is at a record high of 76.4%, indicating increased private investment.
Dr. Majumdar expects GDP growth of 7% to 7.2% in FY 2024-2025, slightly lower estimates for FY 2025-2026 at 6.5% to 6.8%, impacted by sluggish global trends.
