New Delhi, January 11 (IANS). Amid geopolitical turmoil and shrinking world economies, India’s economy is expected to remain a bright spot in the global ecosystem. Leading economists on Saturday said the country will reach a higher level on the global growth path. India will be in a better position to address regional development, especially in South Asia.
In the latest World Economic Situation and Prospects (WESP) 2025 report of the United Nations, India’s growth rate is estimated to be 6.6 percent, while the world economy will be only 2.8 percent, America’s 1.9 percent and China’s 4.8 percent.
Dr. SP Sharma, Chief Economist and Deputy Secretary General, PHD Chamber of Commerce and Industry (PHDCCI), told IANS, “India’s High Growth Path High status is based on various reforms undertaken by the government over the last several years and the Indian economy. The average growth rate is more than 8 percent, which is very inspiring and encouraging.”
The country will become the world’s third largest economy by 2027 and the size of the economy is expected to be around $7 trillion by 2030, as economic reforms provide a promising growth path for the Indian economy.
Economist and BJP national spokesperson Sanju Verma told IANS that India will be the ‘torch bearer’ of global GDP growth in 2025. This high position of India can be seen due to strong private consumption, which is continuously increasing.
Verma said, “Don’t forget that consistently, quarter after quarter, private consumption has been growing at over 6 per cent. Two quarters ago, this number had actually reached a new high with a growth of 7.4 per cent “
According to economists, apart from private consumption, what is also encouraging is that the IIP growth numbers in November have been stellar, coming in at 5.2 per cent. This is a six-month high, which was seen due to manufacturing growth.
“What is a boost to the IIP is that 18 out of 23 industry groups have recorded positive growth. Consumer durables have grown by 13.1 per cent,” Verma said.
He said that in short, capital goods, infrastructure, construction and private consumption are the pillars on which the Indian economy is currently growing.
–IANS
SKT/GKT
