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A majority of industry leaders are optimistic about India's economic outlook, with expectations of a growth rate between 6% and 6.9% in the financial year 2025-26, according to a pre-budget survey conducted by Grant Thornton.
The survey, which gathered responses from over 155 stakeholders across various sectors, highlights technological advancements and reforms to enhance the ease of doing business as key drivers of this anticipated growth.
The survey also found that 22% of respondents expect a more robust growth rate of 7% to 7.9% in FY 2025-26. The findings offer a comprehensive outlook on industry demands and expectations for the upcoming budget, particularly focusing on fiscal policies that align with priorities such as financial inclusion, SME lending, and digital public infrastructure.
Grant Thornton emphasized that Budget 2025, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, could play a pivotal role in driving growth while ensuring equity and efficiency in the economy. The budget will be presented amidst global economic uncertainties and slowing domestic growth.
In line with these expectations, international organizations have released varying growth forecasts for India. The IMF has kept its real GDP growth forecast at 6.5% for FY 2024-25, while the UN projects a 6.6% growth for 2025. However, the World Bank and Moody's have revised their forecasts downward to 6.5% and 7% for FY 2024-25, respectively.
The survey also revealed several key priorities for the upcoming budget. Among respondents, 84% supported reducing GST on health insurance, while 68% expressed a desire for expanded financial inclusion through SME lending and digital infrastructure. Additionally, 13% called for new tax incentives for research and development.
The fintech sector, in particular, advocated for easier access to capital and tax incentives for blockchain and AI innovations. Respondents also called for better regulatory coordination among banking, securities, and insurance bodies.
Also Read: Female Workforce in India's Unincorporated Sector Hits New Highs