In a recent interview with Deloitte South Asia CEO Romal Shetty, it was revealed that despite global challenges, India’s economy is projected to grow at a rate of 7-7.1% in the current fiscal year. Shetty highlighted controlled inflation, increased rural demand, and improved vehicle sales as contributing factors to this growth. Deloitte projects a growth rate of 6.7% in the next fiscal year, with India aiming to become a USD 5 trillion economy and the third-largest globally by the end of the decade.
Shetty also emphasized the importance of continued economic reforms, including privatization, under the Modi 3.0 government. He noted that technological advancements in agriculture and niche areas where India can excel globally will be key to sustained growth.
When discussing India’s potential to achieve developed nation status by 2047, Shetty stressed the need to increase per capita income from USD 2,500 to USD 20,000. As per capita income rises, the economy is expected to grow at a faster pace, leading to greater self-reliance and domestic economic transformation.
Overall, despite global uncertainties, India remains a bright spot, poised for significant economic growth and transformation in the coming years.
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