City
Epaper

India's economy showing resilient in post-pandemic world: industry body PHDCCI

By ANI | Published: May 10, 2023 2:50 PM

New Delhi [India], May 10 : India is constantly growing above the pre-pandemic level in terms of GDP growth, ...

Open in App

New Delhi [India], May 10 : India is constantly growing above the pre-pandemic level in terms of GDP growth, showing its strong resilience during the post-pandemic and geo-political developments, according to an analysis done by industry body PHD Chamber of Commerce and Industry (PHDCCI).

The analysis conducted by PHDCCI's Research Bureau said India has not only recovered from the pandemic years but also consistently grown more than 6 per cent on average in the post-pandemic years.

Citing International Monetary Fund (IMF) data, PHDCCI noted India recovered significantly from (-) 5.8 per cent GDP growth in 2020 to 9.1 per cent in 2021 and 6.8 per cent in 2022 with a projected growth rate of 5.9 per cent in 2023.

The growth projections for 2023 to 2028 are also at the highest as compared with the top 10 leading economies, said Saket Dalmia, President, PHD Chamber of Commerce and Industry.

The recovery process of many of the economies has been impacted by post - pandemic geopolitical conflict between Russia and Ukraine, skyrocketed commodity prices, high inflation trajectory and synchronized moves by the central banks in increasing the interest rates, said Dalmia.

In 2023, among the Top 10 leading economies, 8 economies including the United States, China, Germany, the United Kingdom, France, Canada, Italy and Brazil, will perform below their GDP growth rates of the pre-pandemic level of 2019, PHDCCI said citing various estimates.

Going ahead, continued economic reforms in India would further strengthen the economic fundamentals of the country to maintain a steady economic growth trajectory in the coming months, added Dalmia.

However, industry, it said, needs a great hand-holding in such a difficult environment caused by global economic uncertainties.

"We need to focus more on the manufacturing sector as the high cost of borrowings, and high prices of raw materials have impacted the price-cost margins of the producers. Reduced cost of doing business such as easier compliances and a robust Single Window System will enhance ease of doing business in the country and help growth to become more strong and resilient, going forward."

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Phd chamber of commerce and industryPhdcciSaket dalmiaindiaDisney IndiaNew DelhiAll India Majlis E Ittehadul MuslimeenCommunist Party Of India MarxistIndia TodayAir Asia IndiaAsia IndiaFifa U 17 World Cup IndiaAll India Football Federation
Open in App

Related Stories

NationalRaghunandan Srinivas Kamath, Founder of Natural Ice Cream, Passes Away at 70

MaharashtraMVA Will Win 46 out of 48 Seats, Says Mallikarjun Kharge at INDIA Bloc Press Conference in Mumbai

InternationalIndian Embassy in Kyrgyzstan Urges Students to Stay Indoors Following Mob Attacks (See Tweet)

PoliticsDictatorship Allegedly Going On in Country Is Unacceptable, Says Delhi CM Arvind Kejriwal

Mumbai'Raj Thackeray's Shop to Shut Down Post Elections', Sanjay Raut Targets MNS Chief Ahead of Today's Grand Rallies

Business Realted Stories

BusinessSahara India hits out at makers of 'Scam' series

BusinessSeveral reforms undertaken by the Center to facilitate business: DPIIT Secretary at CII Annual Business Summit 2024

BusinessFamily Businesses should be run like trustees for the next generation: DCM Shriram Group

Business'Meeting global standards, fostering innovation, investing in basic education are keys to progress in global value chains'

BusinessNot just Tesla, we're expecting good response from several EV makers: DPIIT Secy