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PHD Chamber of Commerce and Industry (PHDCCI) in its latest report has said India's economy is likely to surpass $4 trillion in 2024-25 and further escalate to $5 trillion by 2026-27. It also expects the RBI to cut the repo rate by 100 basis points in a calibrated manner by the end of 2024.

It stated ‘The Indian economy is showing evidence of strong growth...It is imperative that there is a need to remain watchful and adaptable in the coming days to mitigate the dangers presented by the global economy through carefully calibrated policy actions.’ Observing that despite global challenges, India's economy remains resilient, it said the country is poised to attain the status of a developed economy by 2047 under the initiative of 'Viksit Bharat'.

Elaborating upon the various steps to accelerate economic growth further, Deputy Secretary General at PHDCCI SP Sharma said the government should focus more on the informal sector because sometimes the reforms are not percolated at the ground level. He further said the banking system needs to become more robust to help small businesses so that they are able to expand their capacities according to the demand trajectory.