India will be a US $ 4 trillion economy in 2024-25: PHD Chamber

PR No – 434

13th July, 2023

New Delhi

 

 

India will be a US $ 4 trillion economy in 2024-25: PHD Chamber

 

The size of the Indian Economy will cross 4 trillion in 2024 -25 and the per capita nominal GDP will also cross US $ 2800, said an analysis conducted by industry body, PHD Chamber of Commerce and Industry in a press statement issued here today.

 

The industry PHDCCI body organised a Seminar on “Emerging Growth Dynamics of Indian Economy”. The esteemed speakers at the seminar were Dr. Pronob Sen, Programme Director India Programme International Growth Centre (IGC) and Former Chairman, National Statistical Commission; Prof. (Dr.) Ashima Goyal, Professor, Indira Gandhi Institute of Development Research and Member, Monetary Policy Committee, RBI; Dr. Rajmal, the Director of Economic and Policy Research at the Reserve Bank of India; Dr. Yamini Agarwal, Director and Finance Professor at Bharti Vidyapeeth, New Delhi; Ms. Manpreet Juneja, Senior Economist, Global Infrastructure Hub (GIH), Toronto, Canada.

 

Addressing the Seminar Dr. Pronob Sen, Programme Director India Programme International Growth Centre (IGC) and Former Chairman, National Statistical Commission said that balancing Corporate and Non-Corporate Sectors Key to Addressing Skill Shortages in India. Achieving equilibrium between these sectors is crucial for the skilling system and India can pave the way for a more inclusive and sustainable development trajectory, reducing the overreliance on corporate-driven production structures.

 

During his keynote address, Dr. Sen highlighted the current emphasis on the organised sector, particularly the corporate sector, in India’s statistical systems and data frameworks. He pointed out that although the non-corporate sector, particularly agriculture, is adequately covered, there is a lack of representation of non-corporate India due to infrequent and insufficient surveys. This discrepancy raises concerns about the inclusivity and accuracy of India’s statistical system.

 

Prof. (Dr.) Ashima Goyal, Professor, Indira Gandhi Institute of Development Research and Member, Monetary Policy Committee, RBI, who attended the seminar virtually emphasised the need to acknowledge India’s low per capita income and its position in global rankings.  Despite recent successes, India still has a long way to go in terms of growth. Dr. Goyal highlighted the unexpected outperformance of the Indian economy, particularly in the face of various shocks, such as the COVID-19 pandemic. Contrary to initial pessimistic forecasts, India’s growth revisions have been upward, indicating resilience and adaptability.

 

Dr. Rajmal, Director of Economic and Policy Research at the Reserve Bank of India, emphasised India’s economic strengths. Despite challenges at global and domestic levels, India has shown stability and consistent growth. The country’s resilience is evident in strong macroeconomic indicators like purchasing managers’ indices, air passenger traffic, diesel consumption, and port traffic. India’s economy has rebounded strongly from the pandemic and continues to surpass expectations. The Reserve Bank of India predicts a 6.5% growth rate and 5.1% inflation for the current fiscal year.

 

Dr. Yamini Agarwal, Director and Finance Professor at Bharti Vidyapeeth, New Delhi, stated that India is currently the world’s fastest-growing economy, according to institutions like the World Bank and IMF. With a GDP growth rate of 7.2%, India is expected to become the third-largest economy, surpassing Japan and Germany by 2027. The government has effectively managed growth and inflation, keeping inflation rates between 4.58% and 4.65%. India’s Hon’ble Prime Minister, Shri Narendra Modi, envisions inclusive growth with the motto “Sabka Saath, Sabka Vikas, Sabka Vishwas,” aiming to make India a developed nation by 2047.

 

Ms. Manpreet Juneja, Senior Economist, Global Infrastructure Hub (GIH), Toronto, Canada who joined the webinar virtually, discussed India’s growth. India is recognised as a major player in the global economy, with fast growth projections. Ms Juneja analyses India’s growth dynamics through the lens of infrastructure. The country is addressing past weaknesses by increasing infrastructure investments, transitioning to renewable energy, and attracting private investment. India’s services sector, particularly IT, drives export growth.

 

Shri Saurabh Sanyal, CEO & Secretary General, PHDCCI, stated that India’s economy has garnered praise from global agencies and organisations. The G20 headquarters and member countries have commended India’s dynamism and performance in various sectors. India’s technological advancements, including the UPI credit scheme, are being adopted by developed economies like Japan and Singapore. Despite the pandemic, India has shown remarkable resilience and emerged as a rapidly growing economy.

 

Dr. S P Sharma, Chief Economist|DSG, PHDCCI, who moderated the seminar emphasised that the Indian economy has emerged as the fastest-growing among leading economies, showcasing remarkable resilience and recovery. Despite facing significant challenges during the coronavirus pandemic, the economy has experienced a robust rebound. The implementation of reforms in India has garnered global recognition and yielded tangible and profitable results. Notably, the economy surpassed expectations by achieving a remarkable growth rate of over 7.2% in 2022 -23. Dr. Sharma further revealed that projections indicate India’s continued outperformance of China, with an estimated growth rate of 6.1% over the next five years.

 

*END*

 

Warm Regards,

Media Division

PHD Chamber of Commerce and Industry