New Delhi Romal Shetty, CEO of audit and consulting company Deloitte South Asia, has said a big thing about the Indian economy. In which he has said that while there is disappointment about the economy at the global level, India has achieved its position at this stage. Along with this, he has also said that despite the adverse conditions in the country, the country's economy can see a growth of up to 7 percent in this current financial year 2024-25.
Shetty, the youngest CEO of the 'Big Four' accounting and consulting companies in India, said inflation is largely under control, rural demand has picked up and vehicle sales are improving. “We believe we will be in the 7-7.1 per cent range in terms of growth (in the current fiscal). You have many headwinds, many tailwinds… but the fact is that despite whatever is happening globally, India is still in a better position, but we cannot say that we are isolated from the world,” he said.
GDP can remain this much percent
He said that the geopolitical crisis in West Asia and Ukraine and the recession in the Western world will affect the growth of the Gross Domestic Product (GDP). According to Deloitte's estimates, the growth rate is likely to be 6.7 percent in the next financial year (2025-26). In the last financial year 2023-24, the Indian economy grew at the rate of 8.2 percent.
Positive for India
Talking to PTI, Shetty said he hoped that the Narendra Modi government 3.0 would continue economic reforms at the same pace, including privatisation, and that tremendous efforts would be made to get the work done within government departments. India, the world's fifth largest economy, will expand to $5 trillion within this decade to become the third largest economy. The fall in crude oil prices is in some ways a good thing for India, as India is a net importer of many things and the reduction in interest rates by the US Federal Reserve will be positive for India.
Focus on agricultural technology
Shetty said India will become the services capital of the world and the country will have to focus on use of technology in agriculture to increase productivity and look for specific areas where India can establish its dominance at the global level.
(With agency input)
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