India’s economy to grow at 7.5-8% in FY24, 8% in FY25: Ficci

11 Dec 2023 Evaluate

With the help of strong growth momentum, positive sentiments and rising private investments, the Federation Indian Chambers of Commerce and Industry’s (Ficci) newly-elected president Anish Shah has said that industry expects India’s economy to grow at 7.5 to 8 per cent in the current fiscal (FY24) and 8 per cent in 2024-25 (FY25). However, he added that there will be geopolitical pressure points that may have a bearing on the country’s growth prospects.

He said ‘we have seen great growth numbers so far at 7.8 per cent, 7.6 per cent. I expect that to continue because we have got strong momentum. We are seeing multiple companies investing, adding capacities’. Meanwhile, Indian economy recorded a growth of 7.8 per cent in the first quarter (April-June 2023-24) and 7.6 per cent in the second quarter (July-September 2023-24). The growth rate in the first half (April-September) works out to be 7.7 per cent. On the pressure points on the economy, Shah said ‘primary pressure points are outside India. We are seeing stress with regard to Israel and Gaza, added to what is happening in Ukraine. Our hope is that it does not expand or accelerate any further from there. For the sake of everyone, it gets to peace’. He added the second concern was the economic problems being faced by the western countries.

He also said ‘We don't think that the problems there have abated as yet. Interest rate there has been at a much higher level than what we have seen here in India. If there is a greater economic impact in the western world, it will impact India. We see those as two major concerns’. He noted the government needs to continue the momentum of growth to tide over the problems emanating from abroad. Moreover, many Indian companies have deleveraged balance sheets and they should be prepared to play a bigger role in case the world witnesses an economic crisis. As regards Indian companies, Shah said ‘the sentiment is positive, investment is picking up and capacity addition is going on...The pace of investment will accelerate further, as demand continues and growth continues in the economy.’

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