India's path to a US$5 trillion economy is paved with digital innovation, sustainable energy, and a thriving trade ecosystem. This year's Deloitte survey, with a 30 percent surge in respondents, reflects growing confidence in India's potential. Enhanced infrastructure, cost reductions, and proactive trade agreements are poised to unlock market access, attract investments, and empower businesses to navigate global challenges.
India is poised to fortify its position as a global hub for innovation and research. Government support for initiatives emphasizes the pivotal role of Research and Development (R&D), such as positioning the nation as a manufacturing stronghold and advancing the semiconductor industry. As leaders anticipate significant growth in the semiconductor industry, they expect a comprehensive, long-term policy framework from the government to attract investments.
This year’s pre-budget survey had more extensive coverage, with a 30 percent larger respondent base compared with the previous year. Despite global headwinds, rising costs, and supply chain challenges, the survey uncovered a notably positive sentiment amongst industry leaders. Growth projections aligning the Indian economy’s growth between 6 percent and 6.5 percent correlate with forecasts by national and international organisations.
This buoyant business outlook is supported by improving infrastructure, a robust bottom line, and initiating or concluding more trade agreements. These factors will create opportunities to increase access to markets and technology, drive investment, and improve the ability to navigate through trade barriers.
To materialise the country’s ambitious goal of becoming a US$5 trillion economy, pivotal announcements in Budget 2023-24 should centre around the following areas.