New Delhi, Aug 30 (IANS) India has been in a glorious position post-Covid, being the fastest-growing economy in the world with over 7 per cent growth which is visible across the board and if we continue to grow at 7 per cent, the effective growth rate is expected to be 11-12 per cent because we have a very strong parallel economy which is also functioning strong, experts said on Friday.
India’s growth at 6.7 per cent in the first quarter (Q1) of FY2024-25 is inspiring despite deepening geopolitical distress and global macroeconomic headwinds. Manufacturing, construction and electricity sectors have become the major growth drivers in the recent quarters.
“The manufacturing sector has grown at 7 per cent in Q1 FY 2024-25 on the back of strategic reforms and prudent policy measures by the government and efforts of industry,” said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
Vivek Rathi, National Director, Research, Knight Frank India, said the momentum in the real estate and infrastructure industries has sustained and is reflected in the 10.5 per cent growth seen in the construction sector. The monsoon has spread well, improving prospects in the subsequent quarters.
“India still remains the fastest growing economy among the major economies of the world. Critical sectors, including manufacturing, continue to retain strength and should be further picking up, going forward,” said Deepak Sood, Secretary General, Assocham.
The gross fixed capital formation at 34.8 per cent of GDP for Q1 FY 2024-25 is indicating steady capacity expansion for more employment opportunities in the coming times, said industry experts.
Aman Aggarwal, a renowned economist, said a robust parallel economy is also having a rebounding impact in terms of consumption.
“India is also the fourth largest foreign exchange reserve holder in the world, along with one of the largest FDI recipients in the world. The country has become the favourite destination for investment globally which is creating this rebounding effect for the country,” Aggarwal told IANS.
Foreign direct inflows to India rose by 26.4 per cent, reaching $22.4 billion during April-June 2024, marking the fastest expansion in nearly five quarters, according to the Reserve Bank of India (RBI).
–IANS
na/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
