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.
Fitch said its assessment of India's rating in such a case would be guided by our judgement of its probable medium-term fiscal path in the post-crisis environment.
Amid the crisis, the RBI has slashed the reverse repo rate by 25 basis points to 3.75 per cent from 4 per cent due to the Coronavirus-related economic challenges.
Shaktikanta Das said, at a time when the humanity is facing the trial of its time, as COVID-19 has gripped the world with its deadly embrace, the Reserve Bank of India has been very proactive and monitoring the situation closely.
A day earlier, the IMF in its World Economic Outlook had forecast India's growth rate to be 1.9 per cent in 2020.
While talks with stakeholders have taken place in different sectors and needs of various has been analysed by the Finance Ministry, it is felt that MSME has been hit hard at different levels and needs support immediately.