New Delhi, Oct 9 (IANS) Despite the global headwinds, India may surprise the world with its impressive GDP growth this year too, staying significantly above the forecast of 7 per cent by several organisations, PHD Chamber of Commerce and Industry (PHDCCI) said on Wednesday.
India has surprised the world with its resilient economic growth trajectory in recent years.
“The post-Covid years witnessed a robust GDP growth at 9.7 per cent in 2021–22, 7 per cent in 2022–23 and 8.2 per cent in 2023–24, averaging at more than 8 per cent during the last three years,” said Sanjeev Agrawal, President, PHDCCI.
Despite the geo-political global headwinds, India will be stronger and resilient, going forward. The economy will continue to grow robust supported by strong consumption demand and the steady resurgence of private investments, according to PHDCCI Economic Monitor.
“India’s macroeconomic fundamentals remain strong in the recent months, supported by significant deceleration in CPI Inflation and steady growth in IIP, Core Infra, Exports, Bank Credit and financial markets,” said PHDCCI Economic Monitor.
India’s forex reserves make news highs once again in the recent months though global headwinds persist. The economy and business policies remain robust with the strengthening of reforms at the central and states’ level.
“States are in a healthy competition and adopting the best practices of each other to attain higher growth and attract more and more investments in their respective territories,” said Agrawal.
This growth comes as several economies are facing deceleration in GDP growth rates and inflation trajectory in some economies also still beyond their tolerance levels.
However, apart from this mixed trend US Fed came out with a major surprising move, reducing the fed rate by 1/2 percentage points to 4.75 per cent to 5 per cent range, given moderate job gains, slight upward movement of unemployment rate but low and solid expansion of economic activity, as per the Economic Monitor.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
