Industry Mandal PHD Chamber of Commerce and Industry (PHDCCI) said on Wednesday that the country’s economic growth rate is estimated to be 8.0 to 8.3 percent in the current financial year. The industry body said that the country’s gross domestic product (GDP) growth rate will increase at an average rate of 6.7 percent for the next 23 years and it is expected to reach $ 34,700 billion by 2047. By that time per capita income will be $21,000. “The fundamentals for growth in the country are strong,” SP Sharma, chief economist of the PHD Chamber of Commerce and Industry, said in a press conference. With this, we estimate the GDP growth rate to be 8.0 to 8.3 percent in the current financial year.
Growth will come down after 2035
He said, “After 2035, the growth rate will gradually come down from the high level and on average it will be 6.7 percent for the next 23 years.” In a report, the industry body gave suggestions to make the country a developed economy by 2047. PHD Chamber aims to reduce the cost of doing business to boost the economy and increase capacity on a large scale to meet the growing demand globally in sectors such as fintech (financial technology companies), information technology, automobile and renewable energy. has recommended.
Focus should be on the growth of semiconductor industry
It has also been suggested to pay special attention to the development of semiconductor industry. Apart from this, there has been a call for continuous support to the startup environment. It has been suggested to increase the capacity for export. Under this, it has been said to focus on possible 75 products to increase the export volume in global trade. The industry body has also suggested reform measures for the agriculture and food processing sector. Under the 10-point suggestion, the PHD Chamber has recommended increasing the installed capacity to 1,500 GW (one gigawatt equals 1,000 MW) by 2047 while promoting the renewable energy sector.
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