India will be a $4 trillion economy in 2024-25: PHD Chamber
Economy will cross 4 trillion in 2024 -25 and the per capita nominal GDP will also cross $2800, said an analysis conducted by the industry body, PHD Chamber of Commerce and Industry. The pace of economic activity is expected to remain strong on the back of various structural reforms undertaken by the government during the last 3 years, noted the study, showcased during a seminar organised by the PHDCCI yesterday.
«The recent budget for the FY 2023-24 has been announced at a time when India finds itself in the bright spot as the growth of Indian economy is highest among the leading economies. Going ahead, we need to focus more on the manufacturing sector as high cost of borrowings, high prices of raw materials have impacted the price – cost margins of the producers.
Reduced cost of doing business such as easier compliances and a robust Single Window System will enhance ease of doing business in the country and help growth to become more strong and resilient,» it stated. It further noted that although recent geopolitical developments had impact on Indian economy through the increase in raw material prices vis-à-vis imports of crude oil, depreciating rupee and inflation, the other channels such as exports and finance have not faced any major impact as India’s exports towards Russia and Ukraine are not that much strong; our external indicators are significantly strong such as forex reserves (Around USD 595 million on June 30, 2023).
Addressing the Seminar, Pronob Sen, Programme Director India Programme International Growth Centre (IGC) and Former Chairman, National Statistical Commission said that balancing Corporate and Non-Corporate Sectors remain key to addressing skill shortages in India. Achieving equilibrium between
. Read more on economictimes.indiatimes.com
