PHD Chamber expect Healthy Economic Recovery in Coming Quarters

No.PR-238 August 31, 2020 New Delhi PHD Chamber expect Healthy Economic Recovery in Coming Quarters While worrying about the contraction in GDP growth to the level of 23.9% in Q1 FY2021, Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry, said that sharp deceleration in GDP is because of lockdown in the country in April and May caused by daunting impact of COVID-19, however, recovery in the deceleration of key economic indicators is expected in the coming months on the back of various reform measures announced by the Government during the last few months and calibrated unlock process in the country with gradual opening of the economic activities. . The announcement of a bold economic relief package of Rs 20 lakh crore which is 10% of India’s GDP will go a long way in our fight against the pandemic impact of Covid-19, said Dr. Aggarwal The reforms undertaken by the government will bring the economic growth curve back on its growth path sooner than later, said Dr Aggarwal. The stimulus package will re-fuel economic growth fundamentals of the economy and resume the lost economic activity, going forward, he said. GDP Growth has contracted to 23.9% in Q1 FY2021, due to decline in the growth rate of mining & quarrying at (-)23.3%, manufacturing at (-)39.3%, construction at (-)50.3%, trade, hotels, transport, communication and services related to broadcasting at (-)47% , financial, real estate & professional services at (-)5.3% though public administration, defence and other services at (-)10.3%. However, the growth rate of agriculture, forestry & fishing was inspiring at 3.4%. I believe this is a low hanging fruit which will continue to show positive growth on the back of government support to the farm sector, said Dr. Aggarwal Ends Media Division PHD Chamber of Commerce and Industry