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The review noted a strong evidence of private sector investment improving.
Purchasing manager’s index for manufacturing was at a four-month high in April this year, it said.
“Buoyed by sustainable growth in activity, increasing capacity utilisation to investment triggering 75 per cent, the corporates have started investing in new capacity. During Q4FY23, the Centre for Monitoring Indian Economy reports the completion of projects worth ₹60,000 crore and the announcement of new projects valued at ₹10.9 trillion,” the report stated.
Prospects for the agriculture sector also appear to be bright in FY24.
The review could foresee healthy prospects for the kharif season, higher minimum support prices (MSP) for crops, and increased budgetary spending by the government are likely to enhance farmers’ income and boost the rural economy.
Fibre2Fashion News Desk (DS)