The latest round of Economic Outlook Survey of the Federation of Indian Chambers of Commerce and Industry has estimated the annual average GDP growth for the year 2024-25 at 7.0 percent. The average growth forecast for agriculture and allied activities for 2024-25 is estimated at 3.7 percent, which shows an improvement over the growth of about 1.4 percent reported in 2023-24. The industry and service sectors are estimated to grow by 6.7 percent and 7.4 percent respectively in the current financial year.
According to the survey results, the average forecast of CPI-based inflation for 2023-24 is kept at 4.5 percent, with the minimum and maximum ranges of 4.4 percent and 5.0 percent respectively. While food prices remain stable due to rising inflation in cereals, fruits and milk, survey participants expect prices to soften in the second quarter as kharif produce reaches the market.
The report said the Reserve Bank of India’s dividend transfer has provided a boost to the central treasury, which can be used to empower the rural economy by increasing spending on social sector schemes. In the Economic Outlook Survey, FICCI also expects policy continuity in the Union Budget 2024-25 and further momentum in the reforms already being undertaken by the government.
