New Delhi: The Indian economy is expected to grow by 7.2 per cent in the current fiscal. Primarily it will be driven by improvements in consumer sentiment, rural economy, and policy reforms, said an industry survey released in the city on Thursday.
According to the survey, conducted by the Associated Chambers of Commerce and Industry of India (Assocham), about 42 per cent of the respondents believe policy reforms would cast massive impact on the GDP growth.
The chamber outlined eight major factors that impact economic growth most these are policy reforms, consumer sentiments, money market conditions, rural development, performance of world economy, fiscal stimulus, investment announcement and government spending.
A majority of 83 per cent of the respondents said, that Government would be able to bring significant reforms in 2009.
The findings of survey were shared by Assocham President Sajjan Jindal with Finance Minister Pranab Mukherjee at an informal meeting in the city, the chamber said.
The economy witnessed a serious dip in consumer confidence last fiscal, which was hit by global meltdown. However, the survey said, the economic situation was getting better now.
About 91.7 per cent of the participants believe there are good chances of improvement in consumer sentiments in coming months.
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