Predictions for 2024: A $4 trillion economy, creative philanthropy and boost in capital expenditure

economictimes.indiatimes.com:

inflation remains a worry.

ET asked a galaxy of experts to make one prediction each for 2024, the early part of which will be dominated by the general elections. But it’s also a year when the Indian economy is set to cross the $4 trillion mark. Not too surprisingly, in our 24 Predictions For 2024, the most dominant theme was the impact of Artificial Intelligence on businesses and lives, but India’s economic potential figured as strongly.

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Kumar Mangalam Birla, chairman, Aditya Birla Group, said reforms have fired up risk appetite. «I believe in 2024, all engines of the capex cycle — Centre, states, corporates, households — will start to fire. The newly appointed chairman of the 16th Finance Commission, Professor Arvind Panagariya, made a bold forecast on reforms. „I would go out on a limb and predict that 2024 will turn out to be the year in which India introduces reforms that will propel it into a growth trajectory exceeding 8%,“ he said. „With the opinion already overwhelmingly in favour of a massive BJP victory, a similar prediction would amount to nothing more than stating the obvious.“

»Manufacturing will mature into more sophisticated products — supply chains will deepen," said Ashwini Vaishnaw, minister for railways, communications, and electronics & information technology, under whose watch mobile handset manufacturing has taken off in India.

With the economy on the upswing, Roshni Nadar Malhotra, trustee, Shiv Nadar Foundation, called for creative philanthropy — a