18-04-2024 04:11 PM | Source: Accord Fintech
India's GDP likely to grow at 8-8.3% in FY25: PHDCCI
News By Tags | #Economy #GDP #PHDCCI

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The PHD Chamber of Commerce and Industry (PHDCCI) has said that India's Gross domestic product (GDP) is estimated to grow at 8-8.3 per cent in the current fiscal (FY25). It also said the country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a $34.7 trillion economy by 2047, with a per capita income of $21,000.

The chamber has suggested 10 key enablers for the country to become a developed economy by 2047 in a report. It has recommended reducing the cost of doing business and enhancing the global scalability of promising sectors like fintech, information technology, automobile and renewable energy to boost the economy. It has suggested a special focus on the development of the semiconductor industry.

The industry body has called for continued handholding to the startup ecosystem to become the second largest in the world by 2030. The recommendation also includes capacity building for exports -- with a potential 75 products to be focused on to enhance export volumes in global trade. It has suggested reform measures for the agriculture and food processing sector, besides filling the vacant positions at the national and state levels, including the judiciary, police, medical and para-medicals, military and paramilitary and education, among others. 

It has also pitched for a greater push to digital transformation to be among the top five countries in the Government AI Readiness Index by 2047. The 10-pronged approach also suggests bolstering the renewable energy segment to enhance its installed capacity to 1,500 GW by 2047. Physical infrastructure, including road, rail, port, airport, education intuitions and hospitals, should be focused along with targeted outcomes annually.