Reports | Page 2

The GST reform holds immense potential to bolster India's MSME sector, but its current framework requires critical refinements to address its challenges. The upcoming budget is expected to make major reforms for MSMEs as the backbone of the country.

Sales of used cars are expected to grow from 4.6 million units in CY23 to 10.8 million by CY30. Meanwhile, new car sales are also climbing steadily, from 4.1 million units in CY23 to 6.3 million units in CY30.

The bilateral trade volume for April-December 2024-25 reached $93.4 billion, marginally trailing the $94.6 billion recorded between India and China, showcasing the U.S.'s importance as India's primary trading partner since 2021-22.

By 2027–28, dark stores are projected to achieve a gross order value of $35 billion to $40 billion.

From approximately INR 10 lakh crore in FY21, investment commitments have steadily climbed, exceeding INR 37 lakh crore in FY23 and FY24 combined.

Despite these positives, India's growth is projected to decelerate to 6.5 per cent in FY25 from 8.2 per cent in FY24, reflecting weaker manufacturing growth and a slowdown in investment.

The seeds of change are growing through India's farmlands, transforming how farmers conduct business and secure their livelihoods in an increasingly interconnected world

Sector-wise, the survey anticipates agriculture and allied activities to grow at 3.6 per cent, industry at 6.3 per cent, and services at a robust 7.3 per cent

Key domestic sales statistics for the year include 42,74,793 PV units sold, marking a 4.2 per cent increase over the previous year. Two-wheelers sales also grew by 14.5 per cent to 1,95,43,093 units and three-wheelers sold 7,28,670 units, achieving 6.8 per cent growth.

The industrial sector faces a tempered outlook, with advance estimates projecting a reduced growth rate of 6.2 per cent for FY25, down from 9.5 per cent in FY24, due to base effects. However, signs of recovery are emerging.

Real GVA for FY 2024-25 is estimated to be INR 168.91 lakh crore, compared to INR 158.74 lakh crore in FY 2023-24, which implies a growth rate of 6.4 per cent. This is especially lower than the 7.2 percent real GVA growth achieved in the previous financial year.

Reports highlight the severity of cybersecurity risks, citing over 400 million malware incidents in 2023 alone. As MSMEs expand, lightweight defenses become insufficient. Advanced persistent threats (APTs) and sophisticated ransomware attacks demand medium-weight and eventually state-of-the-art measures.

Growth was led by the two-wheeler (2W) segment up by 10.7 per cent, three-wheeler (3W) segment by 10.4 per cent, passenger vehicles (PV) increasing by 5.1 per cent, and tractors by 2.5 per cent

The poverty line is now set at INR 1,632 for rural areas and INR 1,944 for urban areas, significantly higher than the INR 816 (rural) and INR 1,000 (urban) benchmarks established in 2011-12.

Certificates of deposit, which reached a decadal peak of INR 4.9 trillion as of November, 2024, reflect this dynamic. While this figure surpasses the previous high of INR 4.5 trillion recorded in April 2011, the share of total deposits remains modest at around 2.5 per cent

The exponential growth in digital payments in India can be attributed to several factors, including government initiatives like the "Digital India" campaign, convenience and security features, and expanding digital infrastructure.

The Indian Smartphone market is evolving rapidly, with OEMs increasingly focusing on premium launches. The premium segment is projected to exceed 20 per cent market share by 2025.

While very dense forests increased by 3,465.12 sq km, moderately dense and open forests declined by 1,043.23 sq km and 2,480.11 sq km, respectively. Mangrove cover, vital for coastal ecosystems, experienced a slight decrease of 7.43 sq km.

ICRA estimates the GVA growth to improve to 6.6 per cent in Q3 FY2025 from 5.6 per cent seen in Q2 FY2025; the pace of GDP growth in the quarter will be contingent on the Government's subsidy pay-out and indirect tax inflows. Overall, we expect the GVA and GDP growth to print at 6.5 per cent each in FY2025

The report identifies 40 priority cities and 20 key highway stretches that could serve as the backbone of India's public EV charging infrastructure.

Freshworks' new report on AI in the workplace suggests that India is leading in setting new benchmarks in AI integration and innovation