Sanjiv Puri, the newly elected President of CII and Managing Director of ITC has shared some vital facts on the tremendous growth of Indian economy. A February report by global brokerage house Jefferies predicts that over the next four years, India’s GDP will reach USD 5 trillion, making it the third-largest economy by 2027, overtaking Japan and Germany.
A better than expected monsoon is expected to increase agricultural produce this year, bringing down the food inflation. Global trade is forecast to grow by about 2% this year, which was earlier in the negative category, India’s manufacturing capabilities in electronics have been progressing smoothly. These vital factors will push Indian economy’s growth rate at 8%, instead of the earlier anticipated 7%.
In spite of the pandemic and global macro-economic issues, India is currently the 5th largest economy at the global level with an estimated GDP of $3.7 trillion for FY24.
