India's GDP may surprise this year again to stay significantly above 7 pc: PHDCCI

New Delhi, Oct 9 (IANS) Despite the global headwinds, India may surprise the world with its impressive GDP growth this year too, staying significantly above the forecast of 7 per cent by several organisations, PHD Chamber of Commerce and Industry (PHDCCI) said on Wednesday.

India has surprised the world with its resilient economic growth trajectory in recent years.

“The post-Covid years witnessed a robust GDP growth at 9.7 per cent in 2021–22, 7 per cent in 2022–23 and 8.2 per cent in 2023–24, averaging at more than 8 per cent during the last three years,” said Sanjeev Agrawal, President, PHDCCI.

Despite the geo-political global headwinds, India will be stronger and resilient, going forward. The economy will continue to grow robust supported by strong consumption demand and the steady resurgence of private investments, according to PHDCCI Economic Monitor.

“India’s macroeconomic fundamentals remain strong in the recent months, supported by significant deceleration in CPI Inflation and steady growth in IIP, Core Infra, Exports, Bank Credit and financial markets,” said PHDCCI Economic Monitor.

India’s forex reserves make news highs once again in the recent months though global headwinds persist. The economy and business policies remain robust with the strengthening of reforms at the central and states’ level.

“States are in a healthy competition and adopting the best practices of each other to attain higher growth and attract more and more investments in their respective territories,” said Agrawal.

This growth comes as several economies are facing deceleration in GDP growth rates and inflation trajectory in some economies also still beyond their tolerance levels.

However, apart from this mixed trend US Fed came out with a major surprising move, reducing the fed rate by 1/2 percentage points to 4.75 per cent to 5 per cent range, given moderate job gains, slight upward movement of unemployment rate but low and solid expansion of economic activity, as per the Economic Monitor.