Economic Survey Tells A Morale-booster India Growth Story: Assocham

Describing the Economy Survey 2024 as a bold document, the Associated Chambers of Commerce and Industry of India (Assocham) has termed it as a morale-booster India growth story. The way Survey has emphasised the need for creating 78.5 lakh jobs annually till 2030, signals the government's resolve to leverage the fourth global industrial revolution, taking advantage of new-age technologies like artificial intelligence, the chamber said.

‘‘Noteworthy is the fact that Survey's promising Gross Domestic Product (GDP) projections for the current financial year come in the backdrop of 8.2 per cent economic growth in 2023-24. Growth is well spread across different sectors like manufacturing, real estate and construction, as pointed out by the important document presented in Parliament, '' Deepak Sood, Secretary General of Assocham, said.

Sood also noted that a stellar increase of 19.8 per cent in Gross Fixed Capital Formation in the private sector non-financial corporations in FY23 would have contributed immensely to overall impressive performance in the subsequent year. "The trend is expected to continue this fiscal as well and appears to be secular,'' Sood stated.

Sharing his optimism about the Indian economy, Sood stated, “The industry would join these efforts to steer different technological choices with eyes on creating quality jobs, as pressed upon by the Survey.''

The chamber noted that the Survey has aptly emphasised the importance of deregulation and the catalyst role of the private sector in boosting investment. Specific stress on expanding the Indian manufacturing sector for the generation of employment for the semi-skilled workforce needs to be complimented.

Assocham, in its statement, said that while a robust industrial growth of 9.5 per cent is to be applauded, manufacturing is supported by both domestic and global investors and demand can lead to a consistent increase of its share in the country's GDP. The chamber agreed with the assessment that physical infrastructure, logistics and compliance bottlenecks have significantly improved over the last few years, thus creating the right environment for increased industrial activities.

The chamber hailed the Economic Survey for recognising the role of MSMEs and its formalisation into the economy through various government initiatives like the Udyam Registration Portal, and different schemes on credit guarantees.

The chamber said it goes to the credit of the Chief Economic Adviser V Anantha Nageswaran to suggest a clear roadmap for a smooth energy transition and dealing with the impact of climate change. The document has also listed challenges like difficulties in land acquisition, access to technology and the subsidy blueprint, Assocham stated.