NEW DELHI: India continues to be a bright spot in an otherwise gloomy global outlook and the country could clock a 7 per cent growth in the current fiscal despite the headwinds, Deloitte South Asia CEO Romal Shetty has said.
Shetty, who is the youngest chief executive of a Big Four accounting and consultancy firm in India, said inflation is reasonably under control, there has been a pick-up in rural demand and vehicle sales are improving.
“We believe that we would be in the 7-7.1 per cent range in terms of the growth (this fiscal year). You have got the headwinds, the tailwinds... But the fact is, still India is in a better position, in spite of whatever is happening globally but we can’t say we’re decoupled from the world,” he said, adding that the geopolitical crisis in the Middle East and Ukraine and the slowdown in the western world will impact GDP growth.
According to Deloitte projections, growth is likely to be 6.7 per cent in the next fiscal year (2025-26). The Indian economy grew 8.2 per cent in the previous fiscal year - 2023-24. Shetty said he expects the Modi 3.0 government to continue with the economic reforms, including privatisation, at the same pace and there is a tremendous push to get things done within the government departments.