PR No – 81
7th May, 2024
New Delhi
India stands as the highest-growing democratic country in the World with narrowing income inequalities and softening inflation, said Prof. (Dr.) Ram Singh at the PHDCCI Conference on “Economy: Inflation, Investments, Interest Rates and Inclusive Growth Perspective for FY 2024-25”
JAM Trinity is a game changer for India’s high growth, said Shri Kuntal Sensarma, Chief Economic Adviser, Ministry of Rural Development, Government of India
India stands as the highest-growing democratic country in the World, said Prof. (Dr.) Ram Singh, Director and Professor, Delhi School of Economics, and Director, Delhi School of Public Policy and Governance, University of Delhi, in his keynote address. The proportion of investment in India’s GDP has surpassed the levels of the past two decades. India’s growth process has been highly inclusive, with decreasing inflation and income inequalities, signifying a reduction in economic frictions, growing rural consumption, and strengthened demand. He projected that in the next 7-8 years the upper and lower middle class will constitute about 70% of the total population, indicating a further decrease in inequality.
The major reasons cited for India’s growth prospects in FY25 include robust public investment/ capex push by the Government, sustained growth in business and consumer confidence, and strong services sector among others, said Shri Kuntal Sensarma, Chief Economic Adviser, Ministry of Rural Development, Government of India. He mentioned that the key risks to growth and inflation are posed by geopolitical tensions and supply side shocks from extreme weather conditions. Focus areas in 2024-25 should be infrastructure growth, inclusive development and harnessing demographic dividend among others, he said.
PHDCCI organized a Conference on “Economy: Inflation, Investments, Interest Rates and Inclusive Growth (EIIII) Perspective for FY 2024-25” on Tuesday, 7th May 2024, at the PHD House, PHDCCI, New Delhi.
Prof. (Dr.) Ram Singh, Director and Professor, Delhi School of Economics, and Director, Delhi School of Public Policy and Governance, University of Delhi, was the Keynote Speaker. Shri Kuntal Sensarma, Chief Economic Adviser, Ministry of Rural Development, Government of India was the Guest of Honour. Ms. Urvashi Prasad, Director, Office of Vice Chairman, NITI Aayog, Government of India, and Ms. Sakshi Gupta, Principal Economist, HDFC Bank were the esteemed speakers for the Conference.
A healthy, educated, and proficient workforce are crucial drivers of human capital, said Ms. Urvashi Prasad. Additionally, she underscored the pivotal role of states in promoting inclusivity. Leveraging technology in infrastructure, aligning government initiatives, and eliminating inefficiencies in targeted support systems were highlighted as strategies to enhance social safety nets.
Inflation is a global phenomenon, said Ms. Sakshi Gupta, while providing key insights on the narratives of inflation and interest rates. She highlighted that despite the challenges of the global economy, India is consistently performing well and inflation is under the target band set by the monetary policy committee. She estimated that going forward the Indian economy will grow at the rate of 8%.
India’s economy is expanding robustly and its influence extends far beyond its borders, shaping international trade, investment, and geopolitical dynamics. We appreciate that our government is very proactive in scaling up the trajectory of businesses and the size of the economy with the enhanced ease of doing business and grounded reforms for each citizen of India, said Shri Shashvat Somany, Chair, the Economic Affairs Committee, PHDCCI.
As India leverages its economic potential and embraces opportunities for higher growth and innovation, it is poised to leave an indelible mark on the future trajectory of the global economy. Recently, PHDCCI produced a report on “Viksit Bharat@2047”, which highlighted that the Indian economy will become a USD 34 trillion economy by 2047, and will become 3rd largest economy by 2047, said Dr SP Sharma, Chief Economist| DSG, PHDCCI.
The Conference culminated with concluding remarks by Dr SP Sharma. The Conference was attended by more than 130 delegates from industry, government, policy and academia.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry