December 21, 2023
These indicators were selected due to their vulnerability to domestic and global challenges
India's resilience has improved, moving from the second position in the pre-pandemic and pandemic years to the first position in the post-pandemic and future years
India's increased resilience in the post-pandemic years is attributed to effective economic reforms undertaken by the government
Indian economy's size will exceed US$ 4 trillion by 2024-25, reach US$ 5 trillion by 2026-27, and achieve US$ 7 trillion by 2030
In the years following the pandemic (2022, 2023), India has emerged as the most resilient economy among the top ten global economies, according to an analysis conducted by the PHD Research Bureau and the PHD Chamber of Commerce and Industry (PHDCCI).
The research report, titled “Geopolitical Spillovers and Resilience of the Indian Economy,” focused on key economic indicators, including GDP growth, export growth, total investment, gross national savings, and the debt-to-GDP ratio.
Experts explained that these indicators were selected due to their vulnerability to domestic and global challenges. The study examined the performance of leading economies during the pre-pandemic years (2018, 2019), pandemic years (2020, 2021), and post-pandemic years (2022, 2023) and provided an outlook for 2024 and 2025 based on these indicators.
PHDCCI reported that India’s resilience has improved, moving from the second position in the pre-pandemic and pandemic years to the first in the post-pandemic and future years. In contrast, China’s resilience declined from the first position in pre-pandemic and pandemic years to the second in post-pandemic and coming years.
Experts attributed India’s increased resilience in the post-pandemic years to effective economic reforms undertaken by the government. They referred to International Monetary Fund data predicting that India’s economy would maintain its strong trajectory, securing the first position in terms of resilience in 2024 and 2025. The futuristic resilient trajectory is expected to place India at the forefront, followed by China, Russia, Germany, France, Canada, Japan, Italy, the USA, and the UK.
The experts also anticipated that the Indian economy’s size would exceed US$ 4 trillion by 2024-25, reach US$ 5 trillion by 2026-27, and achieve US$ 7 trillion by 2030. They emphasised that the post-pandemic years had strengthened the fundamentals of the Indian economy through various economic, business, and socio-economic reforms implemented by the government.
Source: Financial Express