Ficci On India

Anant Goenka optimistic on demand revival, outlines budget priorities including defense, electronics hubs, and export incentives

India is "in a sweet spot" to sustain growth, and the GDP is expected to expand by over 7 per cent this financial year on the back of strong macro fundamentals and ongoing reforms, new FICCI President Anant Goenka said on Tuesday. Goenka also said that the chamber's focus for the coming year would be to increase the share of the manufacturing sector in the GDP from its current 15-17 per cent to 20-25 per cent levels over time. To make sure that happens, the chamber has outlined priorities such as increasing R&D spending from 0.7 per cent to over one per cent of GDP; strengthening industry-academia partnerships, supporting the government's efforts to further promote ease of doing business, trade and supply chain security, and enhancing manufacturing excellence which includes focus on quality, women in the workforce, and adopting sustainable practices. "I think GDP should be 7 plus kind of level (during 2025-26). After all the changes that have happened with respect to the income ...

Harsha Vardhan Agarwal highlighted that income tax relief and repo-rate reduction by the Reserve Bank of India were among several other factors for the GDP growth

"Green shoots" are visible on the consumption front as food inflation has started receding, newly appointed FICCI President Harsha V Agarwal said. Food inflation is expected to come down to its normal level in the next two quarters, Agarwal said, adding that he is hopeful for a revival in consumption growth, aided by a good crop and increased spending by the government on the big-ticket infra projects and rural schemes in the December quarter. Government spending in the right areas -- like increase in capex and ramping up infrastructure, rather than focusing on revenue expenditure -- is helping the overall economy, he said. "We are seeing some green shoots where we believe food inflation is coming down... it has to come back to normal. It might take maybe one quarter or so. But we are seeing situations where it is improving, and hence we are hopeful that consumption should increase," Agarwal told PTI. Government spending in the September quarter was low due to the general elections

This is despite the fact that 55% of Indians believe their disposable income had been 'majorly' impacted by inflation

India's economic growth is expected at 6.3 per cent during 2023-24 on the back of good health of the financial sector and uptick in private investment even as downside risks remain, said a survey by industry body Ficci unveiled on Monday. The latest round of Ficci's Economic Outlook Survey pegs annual median gross domestic product (GDP) growth for 2023-24 at 6.3 per cent - with a minimum and maximum growth estimate of 6 per cent and 6.6 per cent, respectively, the chamber stated. The median growth forecast for agriculture and allied activities has been put at 2.7 per cent for 2023-24. This marks a moderation vis-a-vis growth of about 4 per cent reported in 2022-23. The El Nino effect has had an impact on the spatial distribution of rainfall this monsoon. Industry and services sector, on the other hand, are anticipated to grow 5.6 per cent and 7.3 per cent, respectively in current fiscal year, the survey shows. Ficci said the survey was conducted in September 2023 and drew responses

'What is most unfortunate is that countries are looking to finance their transition to a green economy by taxing others'

Initiative will help developers contribute to open-source projects on XR technology and lay the foundation for affordable, appropriate India-specific solutions localised to Indic languages

Back after a two-year hiatus, the summit deliberated on key issues plaguing the sector

The white paper by Ficci and Trilegal highlights that the country needs a large budget allocation, international finance from bilateral and multilateral sources and green private investments

The statement comes amid a standoff between the government and the farmers who are protesting for last two weeks demanding a repeal of recently passed farm laws

High-interest rates must be reviewed by RBI as these impact growth and rupee value, the economists surveyed said