PHDCCI forecasts India's GDP at 10.25% in 2021-22
The PHD Chamber of Commerce and Industry (PHDCCI) has projected India’s real GDP growth for 2021-22 at 10.25 per cent. The double-digit GDP growth trajectory will be supported by the effective policies of the government, central bank’s accommodative policy stance and significantly improved business sentiments in the country. The declining new coronavirus cases accelerated vaccination drive, improved consumer and business confidence, anticipated high demand amid the upcoming festive season, among others, will further enhance the pace of economic recovery in the coming months, the chamber added.
However, it highlighted the need to address the high commodity prices and shortages of raw materials to support the consumption and private investments in the country. The industry chamber also stressed on frontloading the National Infrastructure Pipeline expenditure stating that increased spending on infrastructure will give a multiplier effect to rejuvenate the aggregate demand in the economy.