India Poised to Defy Global Economic Slump: Expert Predicts 7% Growth in FY25

Despite the onset of a global economic downturn, India remains a beacon of hope, with Deloitte South Asia CEO Romal Shetty predicting a 7% growth in the country's economy for the current fiscal year.

Addressing the media in New Delhi, Shetty emphasized that India continues to be a bright spot in an otherwise gloomy global landscape. As the youngest CEO of a Big Four accounting firm, Shetty's insights carry significant weight in the business community.

According to Shetty, India's economic growth can be attributed to its unique combination of demographic advantages, investment-friendly policies, and a thriving technological ecosystem. The country's large and young population, in particular, is seen as a key driver of economic growth, with over 60% of India's citizens below the age of 35.

Shetty also pointed to recent policy initiatives aimed at stimulating economic growth, including infrastructure development, tax reforms, and ease of doing business measures. These initiatives, he noted, have helped create a favorable business environment in India, attracting investments and driving job creation.

Moreover, India's burgeoning tech sector is also expected to contribute significantly to the country's economic growth. With the country already home to a thriving startup ecosystem, India is poised to become a major player in the global tech industry, with companies such as Infosys, Wipro, and Tata Consultancy Services (TCS) already making waves globally.

However, Shetty also acknowledged that India's economic growth is not without its challenges. Global economic headwinds, including rising inflation, supply chain disruptions, and trade tensions, could potentially dampen the country's growth prospects.

Despite these challenges, Shetty remains optimistic about India's economic growth prospects. With the country's fundamentals remaining strong, he believes that India is well-positioned to navigate the current global economic uncertainty and emerge as a major economic powerhouse in the years to come.