New Delhi [India], January 25 : In a recent pre-budget survey conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), key findings reveal a prevailing optimism and confidence within India Inc regarding the nation's economic trajectory.
Business leaders express buoyant sentiments, underpinned by factors such as robust infrastructure investments, ongoing reforms, and an increased adoption of cutting-edge technologies.
Business leaders are confident about steering India towards the ambitious target of a USD 5 trillion economy.
This optimism is fuelled by substantial investments in infrastructure, a slew of reforms, and a noteworthy embrace of enhanced technology across various sectors.
An impressive 50 per cent of surveyed businesses anticipate India's economic growth to surpass 6.5 per cent in FY2025.
Several industry sectors stand out as beacons of high growth, propelled by a confluence of factors.
Automotive, consumer and retail, technology, media, and telecommunications, as well as energy, resources, and industrials, are among the sectors anticipating robust expansion.
Government initiatives, increased trade collaborations, and policies supporting industrial production contribute to this optimistic outlook.
India is on the cusp of transforming into a global hub for innovation and research, with a pronounced focus on Research and Development (R&D).
Particularly, emphasis is laid on R&D activities in critical areas such as manufacturing and the semiconductor industry, signifying a strategic shift towards technological leadership.
Artificial Intelligence (AI) emerges as a foundational element for modern businesses, with a striking 99 per cent of surveyed companies expecting its continued evolution.
Industry leaders stress the imperative of maintaining strong compliance with ethical AI practices and advocate for government prioritisation of Industry 4.0 technologies to ensure sustained growth and competitiveness.
Leaders highlight the pivotal role of tax certainty and well-defined mitigation strategies in attracting foreign investments and fostering overall economic growth.
The survey underscores the significance of addressing geopolitical concerns to create a stable and conducive business environment.
Environmental, Social, and Governance (ESG) initiatives take centre stage as businesses unanimously prioritize renewable energy.
In a noteworthy consensus, 100 per cent of business leaders emphasise the importance of government support for ESG strategies, technological innovation, infrastructure development, and skill enhancement.
As the nation eagerly anticipates the upcoming budget, these insights from the Deloitte survey paint a picture of optimism and determination within India Inc, laying the groundwork for a resilient and progressive economic future.
The survey findings underscore the need for continued collaboration between the private sector and the government to actualize these aspirations and drive sustainable growth.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor