Summary:
Deloitte India predicts that the Indian economy will grow between 7% and 7.2% in the current fiscal year, owing to higher government expenditure and manufacturing investments. However, a dampened global economic outlook may impact the prediction for next year. The GDP expanded by 6.7% year-on-year in the April-June quarter of 2024-25, marking the slowest rate in five quarters, although India remains one of the world's fastest-growing major economies.
The Reserve Bank of India (RBI) forecasts a 7.2% rise in the Indian economy, fueled by robust domestic activity. Deloitte stated that factors such as lower inflation, increased rainfall, and record kharif production, along with greater government investment, will support growth. However, the delayed recovery of Western economies may affect India's exports. The report emphasized the significance of job creation, pointing to increases in employment shares in manufacturing and services, with the services sector's share growing from 28.9% to 29.7%.
Source: IBEF
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