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With economic reforms and ease of doing business in recent years, industry body PHD Chamber of Commerce and Industry (PHDCCI) has said that India is expected to attract $100 billion foreign direct investment (FDI) in 2022-23. It also said the current financial year is expected to attain a GDP growth of more than 8 per cent.

However, it said the inflation scenario has been stoked by rising international commodity prices, particularly of crude oil. It has suggested a ten-pronged strategy to strengthen the economic growth and achieve the target of becoming a $5 trillion economy in next five years.

It noted that the suggestions include speedy infrastructure investments, inclusion of more sectors under the PLI scheme, increase in public investments in agriculture sector, addressing the high commodity prices and shortages of raw materials.