Eco Survey aims to fast-track India`s dream of realising Viksit Bharat goal: Industry
The Economic Survey 2024-25 is another step to fast-track India's dream of realising the long-term vision for Viksit Bharat, industry leaders said on Friday.
The Survey rightly acknowledges the role of the private sector in nation-building and is forthright in its call for lowering the cost of business through deregulation and "getting out of the way of business" to accelerate growth and create jobs amid a challenging global environment, CII Director General Chandrajit Banerjee said.
The Survey displays a futuristic vision by exhorting the nation to focus on key priority areas, namely attracting foreign investment for emerging as a competitive and innovative economy, strengthening domestic supply side capability and resilience, taking a calibrated approach towards climate change and energy transition and focus on education and skilling of the youth to match global technology advancements, he said.
Moreover, it also focuses on "raising productivity of the primary sector and above all improving governance while creating trust by launching ease of doing business 2.0", Banerjee added.
Going forward, CII shares the outlook articulated by the Survey on India’s growth prospects by projecting a GDP growth rate in the range of 6.3-6.8 per cent for 2025-26 versus 6.4 per cent in the current year on account of the fragile external milieu and current state of domestic demand.
The Survey mentions that inflation is on a credible downtrend and the current account deficit is within the comfort level, which are very positive takeaways.
According to Grant Thornton Bharat Partner and Financial Services Risk Leader Vivek Iyer, balancing regulation and innovation while keeping an eye on the financial stability risks seems to be the key message of the Economic Survey.
“We see this as an indication to move towards more principle-based regulation vis-a-vis the current approach of operational guidelines. This also means the growth of a self-regulatory organisations (SRO) ecosystem in India and we can expect more formal recognition of many SROs in the year to come," Iyer mentioned.
