India’s annual GDP growth projected to be between 7-7.2 pc in FY25: Deloitte
Dr. Rumki Majumdar from Deloitte India said that India’s economy is emerging with resilience as the dust settles after a high-stakes elections period.
Dr. Rumki Majumdar from Deloitte India said that India’s economy is emerging with resilience as the dust settles after a high-stakes elections period.
India’s economic performance in the April-June quarter, though slightly below expectations, continues to demonstrate the resilience that has positioned it as the world’s fastest-growing major economy. With a GDP growth of 6.7 per cent year-on-year, India outpaced China’s 4.7 per cent growth during the same period.
As China’s rubber-stamp parliament convenes in Beijing, the world watches with a mix of anticipation and concern, dissecting the economic roadmaps and power dynamics laid bare in the highstakes political theatre.
Real GDP is estimated to attain a level of Rs 171.79 lakh crore, as against the Provisional Estimate of GDP for the year 2022-23 of Rs 160.06 lakh crore, released on 31 May, 2023.
Modi reiterated that India’s growth story is based on the government’s top priority to policy, good governance and the welfare of the citizens.
Some policy changes may be required to rejuvenate the economy, the first being to remove the focus from big business and promote small enterprises, primarily, by reducing their burden of taxation. As of now, the tax structure favours the rich; the rate of taxation on firms and individuals is almost double the corporate tax rate.
The latest SBI Ecowrap report has projected a 7.9 per cent growth for India's GDP, down from its previous projection of 10.4 per cent growth.
The NSO had projected a GDP contraction of 7.7 per cent in 2020-21 in its first advance estimates of national accounts released in January this year.
PHDCI Economy GPS Index was 103 in February 2020, with an improvement of 19 points in February 2021 over February 2020.
The principal factor for accumulating bad loans in the Indian banking system is exaggerated economic growth expectations and over-ambitious projections erroneously or otherwise accepted by lending institutions
