17 April 2024 — PHDCCI predicts India’s economy to grow at 8-8.3% in the current fiscal year, showcasing robust growth fundamentals.
The country’s GDP is expected to average 6.7% growth over the next 23 years, reaching a significant milestone of USD 34.7 trillion by 2047 with a per capita income of USD 21,000.
PHDCCI emphasizes key enablers like the semiconductor industry, startup ecosystem, and enhancing export volumes to achieve economic growth.
The industry body suggests reducing the cost of doing business, scaling promising sectors like fintech and renewable energy globally, and developing the semiconductor industry as key strategies for economic boost.
Special focus is advised on the startup ecosystem to become the world’s second-largest by 2030. Additionally, targeting specific products and enhancing export volumes in global trade are recommended.
PHDCCI recommends reform measures for sectors like agriculture and food processing, filling vacant positions across national and state levels, and boosting digital transformation for greater AI readiness by 2047.
A focus on physical infrastructure development, including education and healthcare institutions, alongside bolstering renewable energy capacities, is highlighted for sustained growth.
Conclusion:
PHDCCI’s 10-pronged approach underscores the need for holistic strategies encompassing various sectors and capabilities to drive India’s economic growth trajectory toward becoming a developed economy by 2047.
