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25/06/2022 03:41pm

India’s economic resilience grew stronger since 2019: PHD Chamber

image India’s economic resilience grew stronger since 2019: PHD Chamber

New Delhi, June 25 (KNN) The resilience factor in Indian economy has improved from 6th position in 2019 to 2nd in 2022 among the top ten leading economies, as per PHD Chamber of Commerce and Industry.

In 2020 India stood at 4th position and it climbed up to 3rd position in 2021.

According to the industry body India has the strongest robustness amidst the testing times of COVID-19 and geopolitical distress. 

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Pradeep Multani, President, PHD Chamber of Commerce and Industry credited India’s effective dynamic policy environment for its economic resilience.

“India is the only economy among the top ten leading economies which has shown consistent improvement in its macroeconomic performance during the last four years despite global economic crisis of COVID-19 and recent geo-political developments,” he said. 

Further encouragement to MSMEs, agricultural and manufacturing sectors to make Indian supply chains more diverse will go a long way in realizing India’s economic recovery, added Multani.

As per an analysis conducted by PHDCCI, India is projected to improve it International Economic Resilience (IER) rank of 2nd for the year 2022. 

The report released is titled ‘Pre and Post COVID Economic Dynamics of Leading Economies’.

It is based on the comparative analysis of the leading economies’ resilience conducted on the basis of the five leading economic parameters viz., Real GDP growth Rate parameter, Merchandise Export Volume Growth rate, Current Account Balance (% of GDP), General government net lending/borrowing (% of GDP), and Gross Debt to GDP ratio.  (KNN Bureau)

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