Indian industry leaders expect GDP to grow at 6.5% in FY24: Survey - Chennai News
by IANS | Updated Jan 13, 2023
In a pre-budget survey by DTTILLP, industry leaders said amongst the industry sectors, chemicals, capital goods and energy would log high growth.
They also said government initiatives, such as Atmanirbhar Bharat, production linked incentive (PLI), and favourable monetary policies by the Reserve Bank of India (RBI - to moderate retail inflation and maintain significant forex), increased spending on infrastructure, and research and innovation, will further this momentum.
According to the survey, the pace of capital expenditure, infrastructure development and the need to boost infrastructure financing through private partnership are important for economic growth.
Sixty per cent of respondents suggested raising funds through Indian Government Bonds, DTTILLP said.
Fifty-eight per cent respondents suggest that public-private partnership (PPP) should be encouraged to meet the funding gap and address issues that deter private participation, while bringing in innovative structures such as credit guarantee enhancement.
As global uncertainties and an economic slowdown loom across geographies, tax-related changes are expected to boost industry growth and are the most sought-after measures from the upcoming Union Budget, DTTILLP said.
An overwhelming majority of respondents see trade treaties as vehicles for increasing investment flows and providing exchange of emerging technologies to strengthen their role in global value chains (GVCs).
"Despite global uncertainties, the Indian economy has been resilient and is well on its way to a growth rate of 7 per cent. With the vision of attaining a $5 trillion economy, the government has adopted a focussed approach towards ease of doing business and enhancing industrial growth, generating employment, and increasing investments. Union Budget 2023-24 holds great expectations from the industry to continue this momentum and lead the country towards economic prosperity," Sanjay Kumar, Partner, DTTILLP said.
- Petroleum Minister re-dedicates ONGC's Sagar Samrat as mobile offshore production unit
- Failed to deliver commercial unit, HRERA orders realtor to refund money
- LG Electronics Q4 operating profit collapses on slumping demand, rising cost
- 'NHSRCL's new tendering norms may weaken competition in Bullet Train project'
- Presented in the shadow of upcoming polls, Budget likely to be tightrope walk
- FM holds the key to a revival of capital markets (IANS Opinion)
- Measures likely to give some momentum to laggard depositS
- Budget wishlist: Skilled workforce, clean energy, geo-spatial mapping
- 'Election Budget' to focus on job creation, farm sector and rural growth
- Why's the insurance industry largely silent on 100% FDI demand?