Economic growth is projected at 7.90 percent

Mumbai, Ta. Monday, October 26, 2020

According to the PhD Chamber of Commerce and Industry (PhDCCI), the country's economic growth rate is expected to slow to 7.50 per cent in the current financial year and 7.50 per cent in the next financial year. The Chamber's vote comes on the basis of an assessment that Korna's serious impact has been met and that the country's economy is on the path to reform.

In the current situation, the issue of unemployment in the country is the main challenge that the government will have to take up. The analysis is based on eight fi-frequency economic indicators. These indicators indicate that trade activity in the country is improving.

The country's unemployment rate, which stood at 7.50 per cent in July, has fallen to 7.50 per cent in August, the chamber's report said. Going forward, India will have to take steps such as reducing imports from China, increasing trade with allies, increasing domestic capacity and increasing domestic production to become self-sufficient.

India will also have to expand its export portfolio and find more export hubs with the addition of new products. Amid the Corona epidemic, the results of the measures taken by the government in the last six months are being seen.

"At the present stage, we can say that the country's economic growth will slow to 4.50 per cent in the current financial year, but 2021-2 will see a 4.50 per cent growth in GDP," a chamber official said.

To achieve growth, the government must prioritize measures that increase demand. Increasing demand will help boost production, he added.