PR No – 93
31st May, 2024
New Delhi
PHDCCI appreciates high GDP growth at 8.2% in FY 2023-24
Look forward to continued high growth and reforms momentum, said the industry body PHDCCI
India’s growth at 8.2% in FY 2023-24 is a reflection of the efforts for Viksit Bharat by 2047; the growth momentum is expected to continue and strengthen in the coming times, said Mr. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
Despite deepening geopolitical distress and global macroeconomic headwinds, India remains resilient, he said.
India has become a growth leader among the major advanced, emerging and developing countries, said Mr. Agrawal.
India’s economy is becoming more and more robust as growth is strengthening quarter after quarter; the Q4 growth at 7.8% indicates a strong growth trajectory to continue in the coming quarters too, said Mr. Sanjeev Agrawal.
Manufacturing, construction and electricity sectors have become the major growth drivers in the recent quarters, said Mr. Sanjeev Agrawal.
The overall real GDP growth at 8.2% in 2023-24 is highest among the leading advanced, emerging economies, said Mr. Sanjeev Agrawal.
The manufacturing sector has grown at 8.9% in Q4 2023-24 on the back of strategic reforms and prudent policy measures by the government and efforts of industry, said Mr. Sanjeev Agrawal.
The consistent growth in the construction sector is indicating the creation of new employment as the construction sector absorbs skilled, semi-skilled and unskilled chunks of workforce, said Mr. Sanjeev Agrawal.
High growth in the Electricity, Gas, Water Supply & Other Utility Services at 7.7% in Q4 is inspiring as this will boost the manufacturing activities in the economy, said Mr. Agrawal.
The tertiary sector growing at a steady pace of more than 6% is inspiring, displaying that India’s growth momentum will continue, said Mr. Agrawal.
The gross fixed capital formation at 33.2% of GDP for Q4 2023-24 is indicating steady capacity expansion for more employment opportunities in the coming times, said Mr. Sanjeev Agrawal.
*END*
Warm Regards,
Media Division
PHD Chamber of Commerce and Industry