India's economy to grow 8-8.3%: PHDCCI

India’s economy is estimated to grow at 8-8.3 per cent in the current fiscal, industry body PHDCCI said on Wednesday. The country’s GDP will grow at an average of 6.7 per cent over the next 23 years to become a USD 34.7 trillion economy by 2047, with a per capita income of USD 21,000, it added.

“We are projecting a growth rate of 8 to 8.3 per cent for India’s economy for the current financial year,” PHDCCI Chief Economist SP Sharma said.

Addressing a press conference, he said India’s economy has robust growth fundamentals.

“Gradually after 2035, the growth rate will start decelerating from the peak, and on an average, our growth rate, the real GDP (gross domestic product), will be 6.7 per cent overall in the next 23 years,” Sharma noted.

India’s economy will attain the size of USD 34.7 trillion by 2047 with a per capita income of USD 21,000, the industry body said.

The chamber has suggested 10 key enablers for the country to become a developed economy by 2047 in a report.

It has recommended reducing the cost of doing business and enhancing the global scalability of promising sectors like fintech, information technology, automobile and renewable energy to boost the economy.

The chamber has suggested a special focus on the development of the semiconductor industry.

It has called for continued handholding to the startup ecosystem to become the second largest in the world by 2030.

The recommendation also includes capacity building for exports — with a potential 75 products to be focused on to enhance export volumes in global trade.

The chamber has suggested reform measures for the agriculture and food processing sector, besides filling the vacant positions at the national and state levels, including the judiciary, police, medical and para-medicals, military and paramilitary and education, among others.

It has also pitched for a greater push to digital transformation to be among the top five countries in the Government AI Readiness Index by 2047.

The 10-pronged approach also suggests bolstering the renewable energy segment to enhance its installed capacity to 1,500 GW by 2047.

“Physical infrastructure, including road, rail, port, airport, education intuitions and hospitals, should be focused along with targeted outcomes annually,” it said.

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