The PHD Chamber of Commerce and Industry has projected FY 2022 GDP growth at 9.3-9.7 per cent on the back of supportive Government policies, decelerating impact of Coronavirus and continued improvement in key economic and business indicators, according to Pradeep Multani, President, PHD Chamber of Commerce and Industry.
The Industry Body said that the Q3 FY 2022 GDP growth is expected to be more than 6.1%, somewhere in the range of 6.1-6.5%.
According to the PHDCCI Economic & Business Momentum (EBM) Index, the 25 lead economic and business indicators have shown a significant recovery at 102.8 for Q3 FY 2021-22 as compared to 98.2 for Q3 FY 2020-21, at the base of 2018-19 = 100.
Lead economic and business indicators such as SENSEX, merchandise exports and services exports have shown a noteworthy improvement in Q3 FY 2021-22 as compared to the Q3 FY 2020-21, the PHDCCI President said.
Sequentially, the PHDCCI EBM Index has shown an uptrend for Q3 FY 2021-22 to the level of 102.8 as compared to 101.5 for Q2 FY 2021-22, Multani added.
Going ahead, the pace of economic activity is expected to remain strong on the back of various structural reforms undertaken by the Government during the last 2 years, Multani said.
The recent budget announced by the Government for the FY 2022-23 looks into the future while keeping a close eye on the ground. The Budget is a step forward towards the vision of creating an Atmanirbhar Bharat and reflects a consistency in government’s approach in making India a Modern, Developed and Inclusive nation, Multani added.
PHDCCI EBM Index is a composite index of 25 lead economic and business indicators with base year at 2018-19=100, which considers the demand and supply indicators to present a broad perspective of the economy.
The 25 indicators include the IIP Consumer durable goods, IIP Consumer non-durable goods, IIP Capital Goods, IIP Intermediate Goods, Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilisers, Steel, Cement, Electricity, Consumption of Petroleum products, Export Merchandise, Export Services, India Freight Traffic, Credit to Agriculture, Credit to Industry, Credit to service sector, Personal Loans, GST Collections, SENSEX, FDI Equity Inflows, External commercial borrowings and Unemployment.
