India's economy to grow by 8-8.3% this fiscal year, says PHDCCI.
India's economy is projected to expand by 8-8.3% in the ongoing fiscal year, according to PHDCCI.
Summary:
PHDCCI anticipates India's economy to expand between 8-8.3% in
the current fiscal year, projecting a GDP surge to USD 34.7 trillion by 2047.
The focus lies on pivotal drivers such as the semiconductor industry, fostering
the startup ecosystem, and augmenting export volumes.
India's economic trajectory is forecasted to surge between
8-8.3% in the ongoing fiscal year, as indicated by the PHDCCI, an influential
industry body. This buoyant outlook is underpinned by robust growth
fundamentals within the Indian economy. Moreover, PHDCCI anticipates India's
GDP to sustain an average growth rate of 6.7% over the next 23 years,
culminating in the nation evolving into a USD 34.7 trillion economy by 2047.
Notably, this projection is coupled with an envisaged per capita income of USD
21,000 by the same period. SP Sharma, Chief Economist at PHDCCI, disclosed
these estimations during a press briefing, emphasizing the optimistic
trajectory of India's economic journey.
Sharma pointed out that post-2035, there will be a gradual
deceleration in growth rates, with an anticipated average real GDP growth of
6.7% over the next 23 years. The industry body foresees India's economy
expanding to USD 34.7 trillion by 2047, accompanied by a per capita income of
USD 21,000.
In its report, the chamber outlined 10 pivotal factors to propel
India into a developed economy by 2047. These include streamlining the cost of
conducting business and amplifying the global scalability of promising sectors
such as fintech, information technology, automobiles, and renewable energy to
stimulate economic growth.
The chamber emphasized the need for targeted attention towards
fostering the semiconductor industry's growth. Additionally, it advocated for
sustained support to nurture the startup ecosystem, aiming to elevate India to
the position of the world's second-largest startup hub by 2030. Moreover, the
recommendations encompass capacity enhancement for exports, pinpointing
approximately 75 key products to concentrate on to bolster export volumes
within the global marketplace.
The chamber proposed a series of reform measures for the
agriculture and food processing sector, alongside advocating for the prompt
filling of vacant positions at both national and state levels. These positions
span various sectors, including the judiciary, police, medical and para-medical
fields, military and paramilitary forces, as well as education, among others.
Furthermore, the chamber underscored the importance of
accelerating digital transformation efforts, aiming to position India among the
top five countries in the Government AI Readiness Index by 2047.
The comprehensive strategy also advocates for strengthening the
renewable energy sector, aiming to increase its installed capacity to 1,500 GW
by 2047.
The emphasis is placed on developing physical infrastructure such as roads, railways, ports, airports, educational institutions, and hospitals, with a focus on achieving specific annual objectives.
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