Economy Poised To Attain A Double Digit Growth Trajectory In 2021-22: PHD Chamber

No. PR- 126

October 11, 2021

New Delhi

 

Economy Poised To Attain A Double Digit Growth Trajectory In 2021-22: PHD Chamber

 

 

The PHD Chamber of Commerce and Industry projects a double digit GDP growth trajectory at 10.25% in FY 2021-22, supported by the effective policies of the Government, RBI’s accommodative policy stance and significantly improved business sentiments in the country, said Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry, in a press statement issued here today.

 

The declining new Coronavirus cases, accelerated vaccination drive, improved consumer and business confidence, anticipated high demand amid upcoming festive season, among others, will further enhance the pace of economic recovery in the coming months, said Mr Pradeep Multani.

 

Meaningful and proactive reforms undertaken by the Government in last many quarters have led to a strong rebound in India’s GDP growth rate to 20.1% in Q1 FY 2021-22 from the lows of (-)24.4% in Q1 FY 2020-21. This reflects a stronger-than-expected pickup in recovery, improving demand momentum and improving investments sentiment, said Mr Pradeep Multani.

 

At this juncture, there is a need to address the high commodity prices and shortages of raw material to support the consumption and private investments in the country, said Mr Pradeep Multani.

 

The drivers of household consumption needs to be further strengthened to enhance the aggregate demand as it will have an accelerated effect on expansion of capital investments, said Mr Pradeep Multani.

 

The Government should frontload the National Infrastructure Pipeline expenditure as increased spending on infrastructure will give a multiplier effect to rejuvenate the aggregate demand in the economy, said Mr Pradeep Multani.

 

More and more direct benefit transfers needs to be considered for the urban and rural poor under the various welfare schemes in addition to the free distribution of dry rations till Diwali as already announced by the Hon’ble Prime Minister, said Mr Pradeep Multani.

 

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Media Division

PHD Chamber of Commerce and Industry