PR No – 121
22nd July, 2024
New Delhi
Economy on a strong wicket and stable foot towards Viksit Bharat: PHDCCI
We are happy to note that the Indian Economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges, said Shri Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry in a press statement issued here today.
The Indian economy has consolidated its post-Covid recovery, ensuring economic and financial stability and is on the path to Viksit Bharat by 2047, said Shri Sanjeev Agrawal.
The Economic Survey indicates that India needs a tripartite compact between the government, the private sector and academia to enhance job creation and skill development, and complete the journey to Viksit Bharat by 2047, said Shri Sanjeev Agrawal.
Government reforms for agriculture are highly appreciable. To boost the sector further major thrust is required towards traditional farming practices to generate higher value addition, boost farmers’ incomes, create food processing and export opportunities, and make the farm sector more productive for urban youth, said Shri Sanjeev Agrawal.
To unleash the strength of small enterprises, it is essential to formalize these industries to enable increased access to financial resources through formal channels and bolster their growth, said Shri Sanjeev Agrawal.
We appreciate the six-pronged growth strategy focusing on private capital formation, public-private partnerships for green transition, MSME support, sustainable agriculture, targeted education and skill policies, and enhancing state capacity for sustained progress, said Shri Sanjeev Agrawal.
It is highly appreciable that our economy is on a strong footing and is growing at more than 8% (average) for the period from 2021-22 to 2023-24, said Shri Sanjeev Agrawal.
We are happy to note that gross fixed capital formation by private non-financial corporations increased by 19.8% in FY23, accompanied by softening of retail inflation to 5.4% in FY24 from 6.7% in FY23, said Shri Sanjeev Agrawal.
At the external front, the Indian economy is doing well as indicated by the external sector indicators such as current account deficit which stood at 0.7% of the GDP during FY24, an improvement from the deficit of 2% of GDP in FY23, said Shri Sanjeev Agrawal.
It is encouraging to note that unemployment has decelerated from 4.1% in 2021-22 to 3.2% in 2022-23, driven by the government’s push for infrastructure, said Shri Sanjeev Agrawal.
The Survey conservatively projects a real GDP growth of 6.5 – 7%, with risks evenly balanced and market expectations on the higher side. However, we believe that the growth will be above such conservative estimates as 8% growth is becoming a new normal for India, said Shri Sanjeev Agrawal.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry