According to Deloitte Touche Tohmatsu India LLP’s CXO survey, Indian industry is confident of achieving a $5 trillion economy with the central government’s support in infrastructure investments, additional reforms and adoption of advanced technology.

Business leaders expect strong economic growth for the next fiscal year, Deloitte said in a statement Deloitte said in a statement that nearly 50 per cent of India Inc expects the country to register growth above 6.5 per cent in fiscal 2025. Reflects optimism about.

Among industry sectors, automotive (50 percent), consumer and retail (66 percent), technology, media and telecommunications (47 percent) and energy, resources and industrials (44 percent) are expected to see higher growth.

“Government initiatives, increased trade cooperation, reduced logistics costs, and policies to increase industrial output (such as intelligent automation in manufacturing and increased investment towards sustainable technologies), will drive this momentum. Changing consumer preferences and strong demand in Tier-2 and Tier-3 cities are other factors supporting this outlook.”

Deloitte said India is set to strengthen its position as a global hub of innovation and research. “Government support for the initiative emphasizes the important role of R&D in establishing the country as a manufacturing powerhouse and driving the semiconductor industry forward.” As leaders expect significant growth in the semiconductor industry, they expect a comprehensive, long-term policy framework from the government to attract investment.

About 64 percent of respondents advocate R&D support for local companies, while 57 percent underline the importance of an effective intellectual property rights framework to promote industry development. Such strategic measures will attract more investment in India and enhance competitiveness in high-technology manufacturing sectors.

AI has become the foundation of modern business, offering extraordinary opportunities for growth. Nearly 99 percent of businesses expect AI to grow and nearly 70 percent of consumer and retail businesses are urging government support to regulate the use of AI, emphasizing strict adherence to ethical practices in data and methods. Are.

The leaders also anticipate that the government will prioritize the implementation of Industry 4.0 technologies (AI, ML, NLP and computer vision), as well as make sustained efforts in more skill development initiatives, especially for talent in tier-2 and 3 cities. To enhance and nourish.

To boost India’s growth, ensure continued trade expansion and more foreign investment in the country, nearly 80 per cent of the leaders stressed the continuation of tax certainty.

Respondents also cited thorough preparedness to address geopolitical concerns and well-defined mitigation strategies. They highlight the importance of global events like the G20 and initiatives to streamline global supply chains.

Sharing his views on the survey findings, Sanjay Kumar, Partner, Deloitte Touche Tohmatsu India LLP said, “As we face the challenges and opportunities outlined in the survey, the vision of a digitally empowered India becomes increasingly tangible goes. The findings of our survey reinforce the importance of innovation and collaboration in pursuing economic excellence, in line with our national goal of a US$5 trillion economy.

“Together, through strategic technological advancements, we are set to enhance the ease of doing business in the country and leave an indelible mark on the global stage,” he said.

ESG initiatives remain a priority and 100 percent of respondents stressed the importance of renewable energy. Leaders expect the government to prioritize investment in ESG strategies and initiatives followed by technological innovations, infrastructure development and skill enhancement.

Nearly 90 percent of businesses also want technological innovation in government processes and operations.

The survey also highlighted concerns of global headwinds and continued cost increases, which require strategic measures.

Business leaders emphasize the importance of targeted skill development, in sync with the CXO survey and position India as an attractive, forward-looking economy poised for sustained growth.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)