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.
It said the 23.9 per cent contraction in the April-June quarter was larger than expected.
The Reserve Bank of India (RBI) in its policy review last month kept interest rates unchanged and said it sees upside risk to inflation..
It said persistent growth challenges including weak infrastructure, rigidities in labour, land and product markets, and rising financial sector risks continue to constrain the economy's potential.
India's GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global nationwide lockdown.
As per the National Statistical Office, Gross Value Added (GVA) came in at -22.8 per cent.