By Sagar Patel
Published on:
Deloitte, one of the oldest accounting firms in the world, is now almost 180 years old. Its business spans across the globe. This firm has predicted that India will be the fastest growing economy in the world. According to Deloitte, India’s economic growth can be 7 per cent or more in the next financial year. Deloitte’s South Asia CEO Romal Shetty has said that India remains a bright spot amid the gloomy global scenario. He said that despite adverse circumstances, the country can register a seven per cent growth in the current financial year (2024-25).
How long can India’s growth last?
Shetty, the youngest CEO of India’s Big Four accounting and consulting firms, said inflation is largely under control, rural demand has picked up and vehicle sales are improving. He said we believe in terms of growth (in the current financial year) we will remain in the range of 7 to 7.1 per cent. There are many adverse circumstances in front of you, there are many favourable circumstances. But the fact is that whatever is happening globally, India is still in a better position, but we cannot say that we are different from the world.
Growth will be low in the next financial year
He said the geopolitical crisis in West Asia and Ukraine and the recession in the Western world will impact the growth of the Gross Domestic Product (GDP). According to Deloitte estimates, the growth rate in the next financial year (2025-26) is likely to be 6.7 per cent. In the last financial year 2023-24, the Indian economy grew at a rate of 8.2 per cent. Shetty said he is hopeful that the Narendra Modi government will continue with economic reforms, including privatisation 3.0, at the same pace and huge efforts will be made to get the work done within government departments.
read this too
India to become global services capital
India, the world’s fifth-largest economy, will grow to $5 trillion in this decade and become the third-largest economy. The fall in crude oil prices is in some ways a good thing for India because India is a net importer of many things and the US Federal Reserve’s interest rate cut will be positive for India. Shetty said India will become the services capital of the world and the country will have to focus on using technology in agriculture to increase productivity and look for specific areas where India can establish its dominance at the global level.
I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,
