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India's Economy Surges Past 7% Growth Expectation
2 Dec
Summary
- India's GDP is projected to exceed 7% growth in FY25.
- FICCI aims to boost manufacturing's GDP share to 25%.
- Private investment and R&D spending are expected to rise.
India's economy is on a strong trajectory, with projections indicating a GDP growth rate exceeding 7% for the financial year 2025. This optimistic outlook is supported by robust macroeconomic indicators and sustained reform momentum, according to the new FICCI President Anant Goenka. The nation is described as being in a 'sweet spot' to maintain this growth.
The Federation of Indian Chambers of Commerce & Industry (FICCI) has set ambitious goals for the upcoming year, focusing on elevating the manufacturing sector's share in the GDP from its current 15-17% to 20-25%. To achieve this, FICCI plans to increase R&D expenditure and strengthen collaborations between industry and academic institutions.
Furthermore, Goenka expressed confidence in a revival of private investment, citing positive macroeconomic trends and increasing capacity utilization. Recent GDP growth figures, notably an 8.2% expansion in July-September, highlight India's position as a leading global economy. Efforts are also underway to address trade challenges and improve the ease of doing business, aiming to further stimulate economic activity.
