PR No – 41
07th January, 2025
New Delhi
India’s GDP Growth remains inspiring despite global headwinds: PHDCCI
Looking forward to stronger GDP growth in the coming quarters, says industry body PHDCCI
Despite global headwinds, the real GDP growth at 6.4% for FY 2024-25 is inspiring, the resilience demonstrated by India’s economy reflects a strong growth outlook in the upcoming quarters, said Mr. Hemant Jain, President, PHD Chamber of Commerce and Industry (PHDCCI), in a press statement released today.
The National Statistical Office (NSO) has estimated the growth in real GDP at 6.4% for FY 2024-25.
Despite the ongoing global economic challenges vis-à-vis geopolitical tensions, India’s economy continues to outperform among the leading economies. This remarkable resilience is positively impacting trade, industry, and overall economic sentiment, said Mr. Jain.
India’s ability to maintain such high growth rates amidst global headwinds highlights the strength and potential of India’s growth trajectory.
The construction sector is expected to grow at a remarkable 8.6%, while public administration, defence, and other services are projected to grow at 9.1% in FY 2024-25, he said.
These growth figures are contributing to the overall economic expansion and creating scope for employment expansion in factories and business segments, said Mr. Jain.
The growth in these sectors is likely to have a multiplier effect across the economy, benefiting a wide range of industries, said industry body.
Looking ahead, the gross fixed capital formation (GFCF) at 33.5% of GDP is indicative of steady and sustainable capacity expansion, signalling strong industrial growth in the coming quarters.
The continued growth of the agriculture, livestock, forestry, and fishing sectors also presents a promising outlook for the future, with agriculture playing a pivotal role in strengthening India’s economic growth trajectory.
We appreciate the government’s ongoing efforts to reduce the cost of doing business and enhance the ease of doing business, which are crucial to fostering a more conducive environment for producers and entrepreneurs, said Mr. Hemant Jain.
This will encourage capacity expansion in the factories and create more employment opportunities, he said.
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Warm Regards,
Media Division, PHDCCI