New Delhi : The Economic Survey tabled in Parliament today, has aptly built a strong case for further economic reforms, particularly at the grassroot levels to take India on a faster growth trajectory even as the global environment remains challenging, ASSOCHAM has said.
“While 6.3 -6.8 per cent GDP growth projection for 2025-26 is realistic and there is a strong chance of reaching the higher end of the curve, the striking feature of the Economic Survey is the emphasis it lays on deregulation and reforms especially at the grassroot level and particularly for the MSMEs,” Sanjay Nayar President ASSOCHAM said the key government document rightly and forcefully impresses upon the states to go in for reforms in legal framework governing the use of land, labour and building. The survey has rightly emphasised that these are right beginning points for the states, as the same influence the big decision- making by the entrepreneurs. These are all highly consequential factors for job creation, especially amongst MSMEs. These issues had also been highlighted by ASSOCHAM in its report of November 2024 titled “MSMEs Facing Challenges in Doing Business”
Sharing the optimism expressed in the Survey, authored by the Chief Economic Advisor Dr V Anantha Nageswaran and his team, the chamber said , ” upside prospects of investment, GDP growth and drop in inflation are bright. However, we need to remain on a vigil, as cautioned by the Survey by the downside risks particularly those coming from the emerging global economic environment”.
The ASSOCHAM President also shared the optimism on robust fundamentals of the domestic economy on the foundation of ‘stable’ private consumption and fiscal consolidation.
The chamber also noted positive tones set in the Survey about the emerging technologies like AI. The emphasis on learning and capacity building is well placed.
It said India Inc would fully join the coordinated efforts, as impressed upon the Survey, for ‘ lasting, coordinated efforts from all tiers of government, the private sector, the skilling ecosystem, academia and R&D institutions, as well as financial stakeholders to enable India to realise its ambition as a manufacturing powerhouse’ .