PR No – 172
9th October, 2024
New Delhi
Economic growth seen robust despite deepening geo-political headwinds: PHDCCI Economic Monitor
GDP growth will surprise this year too, significantly above the 7%, forecasted by many organisations, says industry body PHDCCI
With the support of new growth paradigms such as India’s pursuit for Viksit Bharat by 2047, the country has emerged as a potential growth powerhouse in the global economic system, said PHDCCI Economic Monitor for October 2024 prepared by PHD Research Bureau, PHD Chamber of Commerce and Industry.
India has surprised the World with its resilient economic growth trajectory in recent years. The post-COVID years have witnessed a robust GDP growth at 9.7% in 2021–22, 7.0% in 2022–23 and 8.2% in 2023–24 averaging at more than 8% during the last three years, said Shri Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry in a press statement issued here today.
We are hopeful that GDP growth will surprise this year too and will be significantly above the forecasts of 7% by many organisations, said Mr. Agrawal
The PHDCCI Economic Monitor analyses the factors that influence India’s macroeconomic fundamentals, trade and investment flows, and global economic scenario along with developments in India’s States.
India’s macroeconomic fundamentals remain strong in the recent months, supported by significant deceleration in CPI Inflation and steady growth in IIP, Core Infra, Exports, Bank Credit and financial markets, said PHDCCI Economic Monitor.
India’s forex reserves make news highs once again in the recent months though global headwinds persist. The economy and business policies remain robust with the strengthening of reforms at the central and states’ level, said the PHDCCI Economic Monitor.
Despite the global headwinds, India will be stronger and resilient, going forward. The economy will continue to grow robust supported by strong consumption demand and the steady resurgence of private investments, said PHDCCI Economic Monitor.
State’s economic environment also witnesses various developments across different socio-economic segments. States are in a healthy competition and adopting the best practices of each other to attain higher growth and attract more and more investments in their respective territories, said Mr. Agrawal.
At the international front, many economies are facing deceleration in GDP growth rates and inflation trajectory in some economies also still beyond their tolerance levels. However, apart from this mixed trend US Fed came out with a major surprising move, reducing the fed rate by 1/2 percentage points to 4.75 percent to 5 percent range, given moderate job gains, slight upward movement of unemployment rate but low and solid expansion of economic activity, said the Economic Monitor.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry