Shaurya Doval predicts that India will become an $8 trillion economy by 2034, significantly influencing global economics and geopolitics, but cautions that future headwinds, particularly in exports and energy dependence, could pose challenges.

“As a consequence of ongoing increases in new order intakes, firms stepped up recruitment. The rate of job creation was sharp and the strongest seen since data collection started in March 2005. Staff expenses reportedly intensified in June, which coupled with rising material and transportation costs caused another overall increase in operating expenses,” the report noted.

Addressing the Parliament on Thursday, President Droupadi Murmu said that the pace of reforms will be further accelerated in tune with the aspirations of the people of India for rapid development. In the last 10 years, India has risen to become the fifth largest economy from the 11th ranked one, she said.

Speaking at the Annual General Meeting of the Bombay Chamber of Commerce on Tuesday, Das defended the monetary policy committee's (MPC) decision to maintain the 4% inflation target. He emphasized the importance of avoiding policy errors related to inflation control. Earlier this month, the MPC kept the policy interest rate unchanged at 6.5% for the eighth consecutive time, citing inflationary concerns.

In its recent publication titled The New India - Infrastructure, Morgan Stanley emphasized the pivotal role of infrastructure investment in economic development. The report highlights India’s increased focus on infrastructure over the past decade, coupled with efforts to enhance productivity.

Fitch's projections for the fiscal years 2025-26 and 2026-27 are growth rates of 6.5% and 6.2%, respectively. "We expect the Indian economy to expand by a strong 7.2% in FY24/25, an upward revision of 0.2 percentage points from the March GEO," Fitch stated in its global economic outlook report.

The entire ecosystem of industry, trade and financial markets is re-energised with the beginning of the new government amid policy continuity, top trade and industry chambers have said.

"India's economy has been buoyed by strong domestic demand, with a surge in investment, and robust services activity," the World Bank report noted. The report also highlighted the resilience of commodity importers, excluding China, with particular emphasis on India. This resilience is largely due to continued strong domestic demand, with growth being more muted in other commodity importers.

The Ministry of Statistics survey indicates robust growth in household consumption expenditure in rural and urban India over the last decade. Rural per capita expenditure surged by over 40%, reaching Rs 2,008, while urban expenditure rose by 33%, reaching Rs 3,510.

Finance Minister Nirmala Sitharaman is poised to unveil the economic agenda for Modi 3.0, focusing on accelerating reforms to propel India towards becoming a USD 5-trillion economy and achieving the vision of 'Viksit Bharat' by 2047.

A report stated that, India could generate 35 million green jobs by 2047.These jobs will span traditional and emerging sectors, including renewable energy, waste management, electric vehicles, green construction, and sustainable textiles.

The bank anticipates the new government's first 125-day agenda to prioritize digitalization, infrastructure, industrialization, and governance reforms. The election outcome might shift spending from capital expenditure to revenue expenditure, though macroeconomic prudence is expected to be maintained.