India Inc expects over 7 percent growth in the next 12 months on the back of a number of policy initiatives taken by the Government, said a PwC-FICCI survey.
According to a PTI report: India Inc is upbeat about the future of the economy as growth is to be driven by strong domestic demand and an increased focus on export markets, the survey noted.
“Over seven per cent growth in GDP in the next 12 months looks achievable, and is aligned with the views of institutions such as the World Bank, Asian Development Bank and IMF,” it said.
The survey is based on interactions with chief executive officers, chief financial officers, chief operating officers and heads of strategy from the Indian manufacturing sector, among others during July-October 2018.
Key factors driving this confidence include strong public sector driven infrastructure development, easing out of business and regulatory processes, and opening up of FDI in several sectors, including simplification of FDI rules for large investments.
About 76 percent of respondents were optimistic about the prospects of Indian economy for the coming year, representing a significant jump over last year (63 percent).
“Most also believed that India has the potential to grow at an average rate of 7 percent or more in the next 12 months,” said the 5th edition of the PwC-FICCI India Manufacturing Barometer: Building Export Competitiveness survey.
As per the the Central Statistics Office (CSO), Indian economy is expected to grow at 7.2 percent in 2018-19 against 6.7 percent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors.