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IMF and The World Bank forecast that India will grow at the rate of 6.4% in 2015. Indian Finance Minister, Shri Arun Jaitley pegs it around 8 – 8.5 %. Overall, the growth rate forecast is looking very positive. And god willing, if the monsoon is good enough – 2015 might be just the resurgence of a new growing Indian Economy.
Manufacturing will get a positive impetus. Thanks to Prime Minister, Shri Narendra Modiji’s “Make in India” campaign. Opening up of defense and railways sector can help things, and with the government new interests in land and labour reforms – I think manufacturing can make a strong comeback in Indian Economy.
As government looks to connect bureaucracy with citizens through “Digital India”, there will be spike in digital ecosystem in India. More internet penetration, more connected devices and more digital activities will lead to increased application of digital technologies and services in India. This will fuel good governance, better engagement and new job opportunities.
We might see more budding entrepreneurs with exciting startups in 2015. There is a renewed interest in India among the investors. The government is keen on getting the capital inflows. There are many young promising talents who are excited about starting companies. And there are some agencies like CII which is seriously working on it.
Consumerism is going to grow big time in India. In fact, as per a report, “The Indian consumer goods and retail industry is estimated to witness its online sales growing by 40 percent till 2019, which is the fastest among the emerging markets…” Strong demand is always a good indicator of a strong economy.
Prime Minister active foreign trips can induce big billions foreign investment in India. Over the next 5 years, India is expecting investment worth $55 billion just only from China and Japan. The Prime Minister keeps actively pitching “Make in India” Campaign during most of his foreign tours. If this gets translated into investment cycles; it will tremendously boost Indian Economy.
Fall in petroleum prices is good news for India. Especially, when she imports nearly 70 per cent of all her oil requirement. Conservative estimate says a $10 fall in crude oil can reduce our fiscal deficit by 0.1 % of GDP. RBI Deputy Governor Urjit Patel pegs a saving of $50 billion on import bill. A very welcome boon for Indian Economy.