India transforming into an emerging economic power, share in World GDP increasing consistently: PHD Chamber

India transforming into an emerging economic power, share in World GDP increasing consistently: PHD Chamber

India transforming into an emerging economic power, share in World GDP increasing consistently: PHD Chamber

 

No.PR-141
November 27, 2015
New Delhi

 

India transforming into an emerging economic power, share in World GDP increasing consistently: PHD Chamber
 

India is increasingly becoming an emerging economic power as its resilience, significance and sustainability have been observed strengthening year after year. The country is not only the fastest moving economy but its economic share in the world GDP is also increasing at a significant pace said an analysis conducted by PHD Research Bureau of PHD Chamber of Commerce & Industry.
 

The country has been able to increase its share in the world GDP from 2.6% in 2010 to 3% in 2015, increasing at the rate of 14%, said the analysis
 

The other Emerging Economic Powers (EEPs) including China, Korea and Indonesia have also performed significantly well during the same period in which China’s share in the world GDP has increased from 9.2% in 2010 to 15.5% in 2015, followed by Korea at 1.6% in 2010 to 1.9% in 2015 and Indonesia at 1.1% in 2010 to 1.2% in 2015.
 

The joint share of EEPs including China, India, Korea and Indonesia has been increased from 7.2% in 2000 to 14.7% in 2010, 21.6% in 2015 and is expected to increase further to  the level of 25% in 2020, said the analysis
 

On the other hand the share of top four advanced economies (US, Japan, Germany and UK) in terms of their contribution in World GDP has decreased from 55% in 2000 to 40% in 2010, 37% in 2015.
 

We believe India’s transformation will be visible significantly in the next 10 years by 2025 with an increased share in world GDP at more than 5% and with a GDP of more than 5 trillion dollars, said the industry body analysis.
 

The growth in consumption segments vis-a-vis rural demand coupled with large scale investments in educational sector, financial services sector, healthcare and medical services, construction and housing, tourism & hospitality, food and beverage, leisure and recreation would enhance production possibilities in the manufacturing sector, said Mr. Alok B. Shriram, President, PHD Chamber of Commerce and Industry while making a press statement on the eve of 110th Annual Session of the Chamber
 

Conducive policy environment coupled with availability of water, power, land, and infrastructure would accelerate the growth trajectory, he said
 

India will be a dynamic, productive, inclusive and a high-powered economy through convergence of synergies of the government and business sectors, said Mr. Shriram
 

Today, our country, stands at the threshold of emerging as a global leader with steady growth momentum supported by strong economic fundamentals and progressive Government at the Centre which has given a clear direction to economic reforms, said Mr. Shriram.
 

PHD Chamber envisages a transformed India by 2025 where the economy is in a double digit growth trajectory and the manufacturing sector is globally competitive
 

The agriculture sector is sufficient to feed the rising population, state of the art infrastructure for all, access to information and communication technology (ICT), millions of jobs are created for the youth and there is all round development with no poverty and improved quality of life which is visible to all.
 

The transformed India would promise every citizen to realize his or her potential and contribute towards self, family and the country. In short, new and transformed India will have numerous success stories to tell, demonstrate and sell to the world in the days to come, said Mr. Alok B shriram
 

To bring the desired outcomes, synchronized efforts of the government and the business sector are needed for the transformation process to reach its transformed stage.
 

The business sector has shown its inclination to serve the society through employment generation, CSR activities (corporate social responsibility), enhancing production leading to self sufficiency and enhanced economic integration with the world.
 

Going ahead, the government and the business sector have to work in tandem to create an environment where individuals and corporations have the power to create synergies for transformation.
 

The government has to be an enabler in the process of economic and social development, which would lead to enhanced Progress, Harmony and Development.
 

ENDS.

Koteshwar Prasad Dobhal
Consultant (PR)