NEW DELHI: While appreciating the dynamic reforms undertaken by the Government during the last 7 months to mitigate the daunting impact of pandemic COVID-19 on trade and industry, Shri Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry, said in a press statement issued here today that the economy is going to attain its fastest growth trajectory from the next financial year 2021-22 onwards.
According to the recent growth estimates 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%, highest as compared with top 10 economies including 6.2% of China, 3% of France, 2.9% of United Kingdom, 2.9% of Canada, 2.4% of United States, 2.3% of Germany, 2.3% of Italy, 2.3% of Brazil and 1.4% of Japan, said Shri Sanjay Aggarwal.
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), said Shri Sanjay Aggarwal.
Percolation of more and more economic reforms at the ground level with effective implementation would be crucial to attain the potential trajectory of US$ 5 trillion in the next 6 financial years by FY 2026-27 (GDP at current prices; considering the exchange rate between 74-75), said Shri Sanjay Aggarwal.
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.
The planned Rs 111 lakh crore investment in the National Infrastructure Pipeline (NIP) has a great potential to boost the GDP growth of the country as correlation between the investment in infrastructure and economic growth is quite high, said Shri Aggarwal.
