India’s economy to grow at 8 to 8.3%: PHDCCI

By 2047, India's economy is forecasted to reach US$ 34.7 trillion, with a per capita income of US$ 21,000

April 18, 2024

PHDCCI proposed capacity building for exports, focusing on 75 potential products to bolster export volumes in global trade

Reform measures for the agriculture and food processing sector were also recommended, alongside efforts to fill vacant positions in various sectors at national and state levels

Digital transformation is seen as pivotal, with ambitions to rank among the top five countries in the Government AI Readiness Index by 2047

The PHDCCI underscores the importance of focusing on roads, railways, ports, airports, educational institutions, and healthcare facilities, with targeted outcomes set annually.

According to the PHD Chamber of Commerce and Industry (PHDCCI), India’s economy is poised to grow between 8 to 8.3% in the current fiscal year. Chief Economist SP Sharma emphasized the country’s robust growth fundamentals during a press conference, projecting an average GDP growth rate of 6.7% over the next 23 years.

Sharma highlighted that while India’s economy will experience a peak growth period until 2035, thereafter, the growth rate is expected to gradually decelerate. By 2047, India’s economy is forecasted to reach US$ 34.7 trillion, with a per capita income of US$ 21,000.

To realize this vision of economic prosperity, the PHDCCI outlined 10 key enablers in their report. These include reducing the cost of doing business, enhancing the scalability of sectors like fintech, information technology, automobiles, and renewable energy on a global scale, and fostering the growth of the semiconductor industry.

Moreover, the chamber stressed the importance of supporting the startup ecosystem to become the world’s second-largest by 2030. It proposed capacity building for exports, focusing on 75 potential products to bolster export volumes in global trade.

Reform measures for the agriculture and food processing sector were also recommended, alongside efforts to fill vacant positions in various sectors at national and state levels, including judiciary, police, healthcare, and education.

Digital transformation is seen as pivotal, with ambitions to rank among the top five countries in the Government AI Readiness Index by 2047. Additionally, the report advocates for strengthening renewable energy infrastructure to achieve an installed capacity of 1,500 GW by 2047.

In terms of physical infrastructure, the PHDCCI underscores the importance of focusing on roads, railways, ports, airports, educational institutions, and healthcare facilities, with targeted outcomes set annually.

Source: Economic Times

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