India’s economy to attain size of USD 34.7 trillion by 2047: PHDCCI
The Indian economy is displaying robust growth post Covid pandemic despite continued global headwinds, the industry body said.
The Indian economy is displaying robust growth post Covid pandemic despite continued global headwinds, the industry body said.
The growth projection for the current fiscal is lower than the Reserve Bank of India (RBI) and government’s projection of 7 per cent.
Coming as a positive development for the Indian economy, the Fitch rating agency has raised its estimate for India's economic growth for this fiscal year and next.
She highlighted that the Direct Benefit Transfer of Rs 34 lakh crore using PMJDYY has led to Rs 2.7 lakh crore of savings of the government.
The Finance Ministry’s review of the Indian Economy, a document which runs over 70 pages, takes stock of the state of the country’s economy and its journey in the last 10 years.
During the time of the pandemic, it is the government that has borrowed the maximum to provide stimulus to the economy in the absence of private corporate investment.
The GVA in Q3 2020-21 from the manufacturing sector grew 1.6 per cent, as compared to a de-growth of (-) 1.5 per cent in Q2FY21.
India Ratings & Research said the NSO projections for GDP growth in FY21 mean that the size of the Indian economy is expected to shrink to Rs 134.40 lakh crore in FY21 as against Rs 145.66 lakh crore in FY20.
The pandemic bought a human and an economic catastrophe for India, with nearly 1.5 lakh deaths. Though the deaths per million are significantly lower than in Europe and the US, the economic impact had been much more severe.
The report said it will take almost seven-quarters from Q4 FY21 to reach the pre-pandemic level in nominal terms and there will be a permanent output loss of around 9 per cent of GDP.
