GDP growth in FY25 may surpass Economic Survey's prediction: India Inc

Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry, said, "We believe that the growth will be above such conservative estimates as 8 per cent growth is becoming a new normal for India"

Extending their support to the reforms proposed in the Economic Survey tabled by Finance Minister Nirmala Sitharaman in Parliament on Monday, industry bodies said that the pace of India's economic growth might surpass the predictions in the document.

The survey has predicted that India is expected to grow at 6.5-7 per cent in 2024-25. It is in line with the estimates of the International Monetary Fund and the Asian Development Bank but less than the 7.2 per cent predicted by the Reserve Bank of India (RBI).

Sanjiv Puri, President, Confederation of Indian Industry (CII), said that he was "confident" that India's gross domestic product (GDP) growth for 2024-25 would "surpass" the survey's forecast.

"And based on certain conditions, it has the potential to be at 8 per cent," he added.

Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry, also said, "We believe that the growth will be above such conservative estimates as 8 per cent growth is becoming a new normal for India."

Anish Shah, President, Federation of Indian Chambers of Commerce & Industry (FICCI), called the survey "mature" for its take on the Indian economy and said that it was "time to look at the next reforms trajectory to prepare India for achieving even higher growth."