Deloitte predicts moderate 6-6.5% growth for India in FY24

A pall of gloom hangs over the global economy, with recession and inflation dealing blows from both sides, and geopolitical tensions refusing to cool down. But India has been touted as a bright spot amidst the shadows, although the IMF has pegged its outlook for India's growth at 5.9 per cent and the country's thinktank NITI Aayog feels it will grow at 6.5 per cent.

After several players including the World Bank and ADB, Deloitte has placed the rate of India's growth somewhere between 6 and 6.5 per cent.

Investments to pick up pace

• Expressing hope for a turnaround in investments, Deloitte's economist added that funds will trigger job creation, income, productivity and demand.

• India remains an attractive option for global investors, although financing for private sector has been lagging behind.

• Deloitte also added that policymakers need more precise information and less volatility, in order to frame policies amidst constant changes in the economy.

What Deloitte prescribes

• It also recommended a three-pronged approach by the government, to encourage investors to back capacity building.

• Even as the global tech landscape is hit hard by a slowdown, service exports from IT, as well as non-IT sectors, have played a major role in India's growth.

• As the world learns to live with Covid, the economist added that India needs to capitalise on its advantages and attract multinationals.