Indian Economy May Witness Growth At 6-7% In FY23: PHDCCI
Industry chamber PHDCCI said following the current trend, expectedly the Indian economy may grow at 6-7 per cent in the current fiscal year. The chamber has identified 75 potential products which will help India achieve the trade target of USD 750 billion by 2027
Industry chamber PHDCCI said following the current trend, expectedly the Indian economy may grow at 6-7 per cent in the current fiscal year, on 12 October. Newly appointed president Saket Dalmia said a bounce in the production is noticed and there exist a “big” demand across the nation.
This statement came a day after the International Monetary Fund (IMF) reduced its economic growth forecast for India to 6.8 per cent in 2022.
Also, recently the Reserve Bank of India reduced the economic growth projection for FY23 to 7 per cent from 7.2 per cent as estimated earlier. The estimation changed due to extended geopolitical tensions and aggressive monetary policy tightening globally.
The chamber has identified 75 potential products which will help India achieve the trade target of USD 750 billion by 2027. Exports of the products such as agriculture and chemicals will be promoted across 75 countries like the US and Europe, said Dalmia.
He said that market in countries like the US, Canada, Germany, France, the UK, Japan, the UAE, and China, among others would majorly be focused markets in order to boost exports of such goods. The other category of products includes textiles, auto, and pharmaceutical items.
“Right now, we have focused on exporting 75 products to 75 potential countries in 75 months which enable India achieve a trade target of USD 750 billion by 2027,” Dalmia informed the media persons.
The MSME sector has key challenge to meet which is cost of capital and the RBI and the government has been requested by the chamber to look into such issues, said Dalmia.
Biggest challenge is access to capital and the cost which the banks have “not done anything or not enough” at this front, he added.
The new president informed that
a centre for innovation in green hydrogen will be set up by the chamber, informed the newly appointed president.
“A new initiative to facilitate women start-ups is being planned by us. This is to increase contribution of women-owned business within the economy,” he added.