FICCI lowers India's growth projection for the current financial year to 6.4%

The latest round of FICCIs Economic Outlook Survey projects an annual median GDP growth forecast of 6.4 per cent for 2024-25. The forecast in the current survey marks a moderation from 7.0 per cent estimate (for 2024-25) put out in the previous round conducted during the month of September last year. The numbers are in line with the broad expectations and reflect a notable slowdown vis-vis 8.2 per cent GDP growth recorded in 2023-24. The agricultural sector, including allied activities, is expected to grow at 3.6 per cent in 2024-25, the industry body FICCI on Thursday said. The industry and services sectors, on the other hand, are projected to expand by 6.3 per cent and 7.3 per cent, respectively, in 2024-25. Economic activity is expected to witness an uptick in the second half of current fiscal supported by a revival in public capital expenditure, festive demand and normalization in industrial activity post monsoon. Furthermore, according to the participants, Indias economic outlook for 2025 presents cautious optimism, amidst the backdrop of persisting external headwinds.

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