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Terming the Economic Survey 2023-2024 a 'bold' document, leading industry chamber Assocham on Monday said the way it has emphasised the need for creating 78.5 lakh jobs annually till 2030, signals the government's resolve to leverage the fourth global industrial revolution, taking advantage of new-age technologies like Artificial Intelligence (AI). 

Calling the Survey a morale-booster India growth story, projecting 6.5-7 per cent economic expansion for the fiscal 2024-25 supported by robust services sector, Assocham said it promises manufacturing and investor enthusiasm as reflected in encouraging rise in Gross Fixed Capital Formation (GFCF).

“The Survey's promising GDP projections for the current financial year come in the backdrop of 8.2 per cent economic growth in 2023-24. Growth is well spread across different sectors like manufacturing, real estate and construction,” said Deepak Sood, Secretary General.

He said a stellar increase of 19.8 per cent in GFCF in the private sector non-financial corporations in FY23 would have contributed immensely to overall impressive performance in the subsequent year.

“The trend is expected to continue this fiscal as well and appears to be secular in nature,” said Sood.

The chamber noted that the Survey has aptly emphasised the importance of deregulation and the catalyst role of the private sector in boosting investment.

Specific stress on expanding the Indian manufacturing sector for generation of employment for ''semi -skilled'' workforce needs to be complimented, it added.

“The role of MSMEs and its formalisation into the economy through various government initiatives like Udyam Registration Portal, different schemes on credit guarantees has been well-recognised in the Economic Survey,” said the chamber.