India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani

NITI Aayog member Arvind Virmani predicts India's economy will grow around 7 per cent this fiscal year and maintain this rate for years, despite facing new challenges. The Reserve Bank of India forecasts a 7.2 per cent GDP growth rate for FY25. Virmani notes a recovery in private consumption post-pandemic, attributing it to a "double drought" situation. He believes coalition politics may slow privatisation in some states but remains optimistic overall. Virmani expects FDI to rise in emerging markets, including India, once US interest rates decrease.