-Growth rate projected to be 7.0 percent for the financial year 2024-25
New Delhi, July 18 (Tezzbuzz). The Federation of Indian Chambers of Commerce and Industry (FICCI) has projected the gross domestic product (GDP) growth rate to be 7.0 percent for the current financial year 2024-25. The industry body has projected inflation based on the Consumer Price Index (CPI) to be 4.5 percent.
In the Economic Outlook Survey report released on Thursday, FICCI said that despite persistent challenges, India's economic growth remains strong. According to the report, India remains one of the fastest growing economies in the world. According to the latest data of the Economic Outlook Survey, the average GDP growth for the financial year 2024-25 is estimated to be 7.0 percent.
According to the FICCI Economic Outlook Survey, the average growth forecast for agriculture and allied activities is 3.7 per cent for FY 2024-25. This shows an improvement compared to the growth of about 1.4 per cent recorded in FY 2023-24. The industry body hopes that the reduction in El Nino effect is likely to give good signs for agricultural production. On the other hand, the industry and service sectors are estimated to grow by 6.7 per cent and 7.4 per cent respectively in the current financial year.
Economists involved in the report said that the policy interest rate repo rate is expected to be cut only in the second half of FY 2024-25, as the RBI is expected to continue its cautious stance while keeping a close watch on inflation trends. The repo rate is expected to be reduced to 6.0 per cent by the end of FY 2024-25 (31 March 2025).
Tezzbuzz News / Prajesh Shankar / Ramanuja
