Despite headwinds all over the world, India could surprise the world with its impressive growth in GDP this year, staying significantly above the forecast of 7 per cent by various organizations, said PHD Chamber of Commerce and Industry on Wednesday.
India has surprised the world with its resilient trajectory of economic growth in recent times.
The post-Covid years have seen healthy growth of GDP at 9.7 per cent in 2021-22, 7 per cent in 2022-23, and 8.2 per cent in 2023-24, averaging more than 8 percent during the last three years," said Sanjeev Agrawal, President, PHDCCI.
Despite the geo-political global headwinds, India will be stronger and resilient, going forward. The economy will continue to grow robust supported by strong consumption demand and the steady resurgence of private investments, according to PHDCCI Economic Monitor.
The macroeconomic fundamentals of India have been strong in recent months, supported by significant deceleration in CPI Inflation and steady growth in IIP, Core Infra, Exports, Bank Credit and financial markets, said PHDCCI Economic Monitor.
India's forex reserves reach new heights for consecutive months despite headwinds globally. The economy and business policies remain sound due to reforms strengthening both at the central and states level, said Agrawal.
"States are in a healthy competition and adopting the best practices of each other to attain higher growth and attract more and more investments in their respective territories," said Agrawal.
This growth comes as several economies are facing deceleration in GDP growth rates and inflation trajectory in some economies also still beyond their tolerance levels.
However with this mixed trend, US Fed came out with major surprising move by reducing the fed rate by 1/2 percentage points to 4.75 per cent to 5 per cent range given moderate job gains, slight upward movement of unemployment rate but low and solid expansion of economic activity, as per the Economic Monitor.
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