Most industry leaders believe that for the financial year 2025-2026, India’s economic growth would surge by 6-6.9 per cent, a recent pre-budget survey by global agency Grant Thornton revealed.
Almost 22 per cent of the respondents expressed more optimism, forecasting growth rates in the range of 7-7.9 per cent.
The survey highlighted the role of technological advancements and reforms towards improving the ease of doing business in driving this growth. The findings stressed that aligning fiscal policies with these priorities could turn Budget 2025 into a major growth catalyst, propelling equity and efficiency within the economy.
The International Monetary Fund (IMF) has kept its forecast for India's real GDP growth at 6.5 per cent for FY 2024-25, similarly, United Nations also projected a similar 6.6 per cent growth for the calendar year 2025.
However, both the World Bank and Moody’s revised their growth estimates for FY 2024-25, downgrading them to 6.5 per cent and 7 per cent, respectively.
The survey also highlighted several key priorities for the upcoming budget, with 84 per cent of respondents advocating for a reduction in GST on health insurance. Additionally, 68 per cent expressed hopes for expanding financial inclusion through SME lending and digital public infrastructure. Thirteen per cent of respondents also called for new tax incentives for research and development.
Industry leaders have also urged for better regulatory coordination between banking, securities, and insurance bodies. The fintech sector, in particular, seeks easier access to capital, along with tax incentives to encourage innovation in blockchain and artificial intelligence.
As the budget draws near, the focus is on addressing these demands, with the goal of sustaining growth and ensuring a fair and efficient economic landscape.
The Union Budget for 2025-26 will be presented by finance minister Nirmala Sitharaman on February 1, amid global economic uncertainties and domestic growth slowdown.
The survey, gathered inputs from more than 155 stakeholders across various sectors.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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