As the NDA government tabled the Economic Survey for 2014-15 Friday, India Inc expressed its hope that the economy is looking up and the growth prospects are bright to attain double digit growth trajectory in the coming years.
India's economic survey pegged growth at more than 8 percent for the next fiscal and said inflation was now declining, while also setting the agenda for reforms needed to further drive the expansion, prune wasteful expenditure and promote productive investment.
"The Economic Survey has highlighted that India is at the cusp of a higher growth trajectory. While the process of recovery has started, we need to continue with the reforms process to ensure that we are firmly rooted on a sustainable growth path," said FICCI president Jyotsna Suri.
CII president Ajay S.Shriram said: "The survey paints a promising picture of the economy with GDP (gross domestic product) growth rate slated to be in the range of 8.1 to 8.5 percent in the coming year."
"The return to the path of high growth looks eminently feasible in view of reform-oriented approach of the government which has rejuvenated investment confidence and helped India emerge as a favourable destination for doing business," he added.
PHD Chamber president Alok B Shriram termed the growth rate anticipated for 2015-16 in the Economic Survey at around 8 percent "inspiring" and "achievable" and said "we look forward to enter the double digits growth trajectory".
The Associated Chamber of Commerce and Industry of India (ASSOCHAM) said the Economic Survey drops a clear indication that the government would stay on course to economic reforms despite the political road blocks in parliament.
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"In fact, the assertion that there is a scope for Big Bang reforms is rather reassuring for the industry," said ASSOCHAM president Rana Kapoor.
Suri meanwhile said that "while reviving targeted public investment is important, the government will have to lay equal emphasis on improving the quality of its expenditure. The Economic Survey has rightly suggested elimination of the revenue deficit of the government and ensuring that over time borrowing is only for productive capital expenditure".
Among other views, Ranen Banerjee, partner - public finance and urban development, PwC India said the survey indicated "much larger fiscal headroom becoming available to the government on account of expected growth in the economy, lower oil prices and better targeting of subsidies".
"It is heartening to note that the economic survey believes that the worst for the economy is clearly over and that the economy is on an upswing," said Jaijit Bhattacharya, partner, infrastructure and government services, KPMG in India said.
He, however, said muted export growth is an area of concern and unless India becomes more competitive, it would be difficult to grow exports in a world that is slowing down overall.