Annual median GDP growth projected at 7% in FY25: Ficci survey

The latest round of Federation of Indian Chambers of Commerce & Industry’s Economic Outlook Survey pegs the annual median GDP growth forecast for the year 2024-25 at 7.0 per cent. The median growth forecast for agriculture and allied activities is projected at 3.7 per cent for 2024-25, marking an improvement when compared to a growth of about 1.4 per cent reported in the year 2023-24. Industry and services sector are anticipated to grow by 6.7 per cent and 7.4 per cent respectively in the current fiscal year.

According to the survey results, the median forecast for CPI based inflation has been put at 4.5 per cent for 2023-24, with a minimum and maximum range of 4.4 per cent and 5.0 per cent respectively. While food prices remain sticky with inflation inching up in cereals, fruits and milk, the survey participants expect easing of prices in the second quarter with kharif output reaching the market.

The Reserve Bank of India’s dividend transfer has bolstered the Central exchequer, which can be used to empower the rural economy through increased spending on social sector schemes, said the report. In the Economic Outlook Survey, Ficci also anticipated continuity in policy in the Union Budget 2024-25 and further momentum in reforms already being undertaken by the government.