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India To Have Optimistic Growth of 6.5% In FY’23: Deloitte India Survey

The economy has remained resilient and is on track to grow at a rate of seven per cent even in the face of a potential global recession and political unrest

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More than 60 per cent of respondents expressed optimism in India's growth exceeding 6.5 per cent amidst the global recession as per the Pre-budget CXO Survey 2023 by Deloitte India. It mentioned that sectors with superior results and outlooks, backed by strong domestic demand, exhibited a relative higher level of optimism.

A total of 181 responses from 10 different industries were compiled for the survey.

The economy has remained resilient and is on track to grow at a rate of seven per cent even in the face of a potential global recession and political unrest on a global scale, the survey stated.

Talking about the infrastructure development in the country, the survey said, “The Government has been aggressive about infrastructure development in the last few years, and this momentum is expected to continue.”

It added, “It will reap long-lasting benefits to the nation in the form of industrial growth, more employment, global supply chain integration, and investment flows, thereby fueling economic growth and realising the USD 5 trillion economic ambition.”

The survey listed the infrastructure development steps taken, including encouraging private partnerships in large projects – including physical and digital - and incentivising private players or mitigating risks for them would prove most useful. 

Moreover it shed light on the Capital goods sector and stated that it has performed well in recent quarters, and higher policy rates have helped banks improve margins. 

“Geopolitical uncertainties have created opportunities for sectors, such as Chemicals, Electronics, and Energy while digitisation has helped the technology sector,” it asserted.  Adding on, a considerable percentage of respondents from these sectors expressed confidence in a high rate of growth, which are indicative of their upbeat prognosis for the economy. On the outlook, representatives from the food processing industry disagree.

Highlighting the digitalisation, the survey stated that the government’s digitisation drive has been appreciated by energy, BFSI, and automotive. However it mentioned that more targeted efforts may be needed in digitising administrative processes for the textile and capital goods sectors. 

The survey pointed out that about 57 per cent of respondents across the board believe that the recent digitisation initiatives have been very beneficial, while 37 per cent  believe it has been somewhat beneficial.

The survey also revealed that about 70 per cent of the respondents perceived the PLI scheme to be beneficial to their sector and close to 60 per cent of the respondents were expecting an extension of the incentive to further years. 

It added, “Ease of availing Input Tax Credit (ITC) and removal of GST credit restrictions are the top GST-related changes expected from the budget. Energy, BFSI, and Life Sciences and Health Care amongst the top sectors to expect so.”

Decriminalising GST regulations and addressing ambiguities were two significant adjustments that 40% of respondents stated would assist promote ease of doing business, according to the survey.

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economy Pre Budget Expectations growth rate