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'India may be fastest growing major economy from FY22'
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SME Times News Bureau | 08 Nov, 2020
India is expected to become the 'Fastest Growing' major economy from
FY22, PHD Chamber of Commerce and Industry said on Saturday.
According
to Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry,
the country's economy is "going to attain its fastest growth trajectory
from the next financial year 2021-22 onwards".
In a recent growth
estimate by the International Monetary Fund (IMF), India is projected
to become the fastest growing economy among the top 10 major economies
in the world economic system from 2021 to 2025.
"The average GDP
growth of Indian economy in next five years from 2021 to 2025 will be at
7.8 per cent, highest as compared with top 10 economies including 6.2
per cent of China, 3 per cent of France, 2.9 per cent of United Kingdom,
2.9 per cent of Canada, 2.4 of United States, 2.3 per cent of Germany,
2.3 per cent of Italy, 2.3 per cent of Brazil and 1.4 per cent of
Japan," Aggarwal was quoted as saying in a statement.
"The size
of the economy will increase from Rs 203 trillion in FY 2019-20 to Rs
331 trillion in FY 2025-26 at current prices, which becomes at around
US$ 4.42 trillion considering the exchange rate at 74.9 (average of
current fiscal year 2020-21; April-October)."
Besides, the
industry body pointed out that percolation of more and more economic
reforms at the ground level with effective implementation would be
crucial to attain the potential trajectory of $5 trillion in the next 6
financial years by FY 2026-27 (GDP at current prices; considering the
exchange rate between 74-75).
"On the back of various reforms
undertaken by the government, economic recovery has become visible in
the high frequency economic and business indicators of the recent
months," he said.
Recently, PHD Chamber on the basis of PHDCCI
Economic and Business Momentum (EBM) Index, estimated that the GDP
growth will be at around (-) 7.9 per cent for the current financial year
2020-21 as compared with the median forecasts of (-) 9.3 per cent by
various national and international forecasting organisations.
"At
this juncture, demand creation measures are needed to attain a positive
growth trajectory sooner rather than later," he said.
"Demand
creation along with increased spending on infrastructure will have
multiplier effects on the economic growth trajectory by boosting private
investments, creating new employment opportunities in the country,
generating demand for commodities such as steel, cement and power."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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