Deloitte's August update of 'India Economic Outlook' said that Budget 2024-25 will help boost consumer spending through several initiatives in improving agricultural enterprises, creating employment for the youth and the industry sector.
Prime Minister Narendra Modi released big bang figures on the Indian economy as part of his bi-weekly India newsletter for the July 15-31 fortnight on the NaMo app. In this, he showed that India's market cap has reached a record $ 5.5 trillion. At the same time, financial advisory firm Deloitte said that the GDP growth rate of India's economy is expected to be 7 to 7.2 percent in the financial year 2024-25, which can be possible due to improvement in the rural economy, strong manufacturing, strong bank balance sheets and increased exports.
At the same time, Indian MSMEs have created more than 20.5 crore jobs in 4 years, while 39% of MSMEs in the country are now owned by women, it also shows. Along with this, it has been told that 1.4 lakh recognized startups in the country are creating 15.5 lakh jobs. With this, employment in India has increased by 35 percent to 64.33 crores in the last six financial years.
Along with this, according to the data released in this, the manufacturing sector (formal and informal institutions) saw an increase of 85 lakh employment opportunities from 2017-18 to 2022-23. At the same time, India's exports grew by 5.5 percent to $ 21.2 billion, leading to a trade surplus of $ 300 million. Exports are now set to exceed $800 billion this financial year. Exports of electronic goods manufactured in India grew 16.9 percent to $2.82 billion in June.
With this, India's trade deficit declined from $23.78 billion in May to $20.98 billion in June. India's external (FDI) commitments increased to $2.14 billion in June 2024, as against $1.14 billion in June 2023. At the same time, India Inc raised Rs 32,619 crore from foreign bonds in 2024. Also, FPIs invested Rs 30,772 crore in the Indian markets. Along with this, India's card payment market is expected to grow by 11.3 percent to Rs 28.4 trillion in 2024.
The August update of Deloitte's 'India Economic Outlook' said that several initiatives in the Union Budget 2024-25 to improve agricultural productivity, generate jobs for youth and boost manufacturing will help improve the supply side, curb inflation and boost consumer spending, especially in rural areas. According to the report, this confidence remains intact as India recorded a growth of 8.2% in FY2023-2024, exceeding all expectations for the third consecutive year. Amid the strong growth, new patterns of spending have emerged in both rural and urban India.
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