Textile and apparel is among the sectors the industry body has identified as promising growth.

The industry chamber also expects the Reserve Bank of India (RBI) to cut the repo rate by 100 basis points in a calibrated manner by the end of 2024 to the level of 5.5 per cent.

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"The Indian economy is showing evidence of strong growth...It is imperative that there is a need to remain watchful and adaptable in the coming days to mitigate the dangers presented by the global economy through carefully calibrated policy actions," it said.

The country is poised to attain the status of a developed economy by 2047 under the initiative of 'Viksit Bharat', it noted.

PHDCCI feels the government should focus more on the informal sector because sometimes the reforms do not percolate down to the ground level.

The banking system also needs to turn more robust to help small businesses expand their capacities according to the demand trajectory.

Retail inflation is estimated to be around 4.5 per cent on an average this year.

Fibre2Fashion News Desk (DS)