New Delhi [India]: Foreign Direct Investment (FDI) inflow to India is expected to reach $100 billion in the current financial year, supported by various ground touching economic reforms and significant ease of doing business in the recent years, PHD Chamber of Commerce and Industry (PHDCCI) said in a report.
In the report titled ‘Economy to Resume Normal Growth Curve in 2022-23’, PHDCCI said India’s economic growth in the current financial year would be the highest among the leading economies across the world.
PHD Chamber of Commerce and Industry President Pradeep Multani said various dynamics reforms undertaken by the government during the last two years would support the GDP growth.
Though GDP growth consolidated at around 9 per cent in FY 2021-22, which is the highest among the leading economies; the current financial year 2022-23 is expected to attain a GDP growth of more than 8 per cent, which is again the highest among the top ten economies, Multani said.
However, according to the PHDCCI president, geopolitical conflicts, high inflation and possibilities of new COVID variants are the major worrying factors in 2022-23.
The PHDCCI report envisages that the nominal GDP will grow at 12-12.5 per cent (8 per cent real GDP and 4-4.5 per cent inflation) in the current financial year, and the economy will attain a size of $3350-3400 billion in 2022-23.
The size of the economy is expected to touch $5 trillion by 2026-27, the report noted. (ANI)