Indian economy becoming more and more robust
India’s growth at 8.2% in FY 2023-24 is a reflection of the efforts for Viksit Bharat by 2047, said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry https://www.phdcci.in/ , expecting the growth momentum to continue and strengthen in the coming times.
Despite deepening geopolitical distress and global macroeconomic headwinds, India remains resilient, he noted, highlighting that India has become a growth leader http://sbi.co.in among the major advanced, emerging and developing countries.
India’s economy https://www.nseindia.com/ is becoming more and more robust as growth is strengthening quarter after quarter; the Q4 growth at 7.8% indicates a strong growth trajectory to continue in the coming quarters too, he added.
Manufacturing, construction and electricity sectors have become the major growth drivers https://www.bseindia.com/ in the recent quarters .
The overall real GDP growth at 8.2% in 2023-24 is highest among the leading advanced, emerging economies https://www.wto.org/ .
Agrawal appreciated the manufacturing sector growth of 8.9% in Q4 2023-24 on the back of strategic reforms and prudent policy measures http://dbs.com.sg by the government and efforts of industry.
The consistent growth in the construction sector https://www.conexpoconagg.com/ is indicating the creation of new employment as the construction sector absorbs skilled, semi-skilled and unskilled chunks of workforce, observed Agrawal.
High growth in the Electricity, Gas, Water Supply & Other Utility Services at 7.7% in Q4 is inspiring as this will boost the manufacturing activities in the economy, believes Agrawal https://www.iea.org/ .
The tertiary sector growing at a steady pace of more than 6% is inspiring, displaying that India’s growth momentum will continue http://niti.gov.in , said Agrawal.
The gross fixed capital formation at 33.2% of GDP for Q4 2023-24 is indicating steady capacity expansion for more employment opportunities in the coming times, Agrawal pointed out. Fiinews.com
