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.
India on March 25 instituted the world's largest lockdown to combat the novel coronavirus, halting almost all economic activities.
Two other global rating agencies - S&P and Fitch - too has projected Indian economy to shrink by 5 per cent in the current fiscal.
The telecom and information technology will be key to survival and revival of lives and economy, said the business leaders.
As per our calculation done by SBI only 18% of GVA is exempted from the lockdown and CSO may release data for that segment only for a large part of Q1FY 21 and "hence we cannot rule out data issues even for Q1."
Foreign currency assets (FCA), a major component of the overall reserves, increased.
