Indian Economy Likely To Grow At 6-7% In FY23: PHDCCI
The Reserve Bank of India (RBI) also has slashed India’s growth projection for FY23 to 7 per cent from 7.2 per cent due to aggressive monetary policy tightening all around the globe
Going by the current trends, the Indian economy is likely to grow at 6 to 7 per cent in financial year (FY) 2023 amid ‘big’ demand, said the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday.
Post Covid-19 pandemic, the production has bounced back and there is a “big” demand in India, said Saket Dalmia, President of PHDCCI.
However, amid the ongoing Ukraine crisis, the International Monetary Fund (IMF) on Tuesday slashed its projection of India’s economic growth in 2022 to 6.1 per cent. However, its growth is estimated to be the fastest among major economies.
The Reserve Bank of India (RBI) also has slashed India’s growth projection for FY23 to 7 per cent from 7.2 per cent due to aggressive monetary policy tightening all around the globe.
PHD Chamber has found around 75 potential products like chemicals and agriculture to promote their exports in about 75 nations such as the United States (US) and the crisis hit Europe to achieve trade the target of USD 750 billion by 2027, Dalmia said.
“We cannot realise our ambition of becoming a developed nation by 2047 without the active contribution of women-owned businesses. We are planning a new initiative on facilitating women start-ups and aligning our thought leadership with the PM’s vision of Nari Shakti driving the Indian economy,” added Dalmia.