India Inc is confident of achieving a $5 trillion economy on the back of Central Government’s support in infrastructure investments, additional reforms and enhanced technology adoption, a Pre-Budget Survey by Deloitte Touché Tohmatsu India LLP (DTTI) showed. 

About 50 percent of India Inc reflects optimism about India posting above 6.5 percent GDP growth in 2024-25, marking the third consecutive year of the fastest growth amongst major economies. 

Among industry sectors, automotive (50 per cent), consumers and retail (66 per cent), technology, media and telecommunications (47 percent) and energy, resources and industrials (44 per cent) anticipate high growth. 

Nearly 80 per cent of leaders in automotive, consumer and retail anticipate a GDP growth rate above 6 per cent. 

The pre-budget Survey, with a comprehensive snapshot of the business community’s outlook, provides valuable insights into their expectations, concerns and advocacy areas for policy improvements. 

With 230 responses from CXOs across industries, it offers a detailed analysis of critical factors influencing the economic landscape across various dimensions and growth factors. 

Research and Development (R&D), enhanced technology adoption, skilling, tax certainty and increased trade collaboration have emerged as key imperatives for the next five years. 

Nearly 99 percent of businesses expect AI to evolve gradually but require strong compliance for ethical practices. About 100 percent of leaders expect the government to prioritise environmental, social and governance (ESG) strategies and initiatives. 

Sanjay Kumar, Partner, DTTI said, “As we navigate the challenges and opportunities outlined in the survey, the vision for a digitally empowered India becomes increasingly tangible. Our Survey findings reinforce the importance of innovation and collaboration in pursuing economic excellence, aligning with our national goal of a $5 trillion economy. Together, through strategic technological advancements, we are poised to elevate the ease of doing business in the country and leave an indelible mark on the global stage”. 

The survey also highlighted global headwinds and continued cost escalation concerns, which need strategic measures. 

Business leaders stressed the importance of targeted skill development, aligning with the CXO survey and positioning India as an attractive, forward thinking economy poised for substantial growth. 

Interestingly, the survey highlighted that despite effective execution, the Production Linked Incentive Scheme 2.0 has a participation rate of 15 percent, signalling the need for better approach.  

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