India’s economy consistently improved since 2019: Report

New Delhi, July 11 (KNN) Indian economy has shown consistent improvement in its macroeconomic performance during the last four years, said PHD Chamber of Commerce and Industry.

According to the industry body India’s economy remained resilient despite the massive disruptions in both demand and supply side factors as caused by the COVID-19 pandemic and further geopolitical distress.

“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,” said its latest report released last week.

In the ranking of International Economic Resilience (IER), India has consistently improved its position from sixth position in 2019 to third position in 2021 and is projected to further improve it to second position in 2022, it said.

The PHDCCI report is based on the comparative analysis of the leading economies’ 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.

“The conjuncture of COVID-19 led economic crisis and the intensifying geopolitical distress have exposed the world economy to a diverse range of domestic and external vulnerabilities," said Pradeep Multani, President, PHDCCI.

India’s greater and stronger supply-side interventions helped to improve its factors’ mobility. The pace of economic activity remains strong due to the structural reforms undertaken by the Government during the last 2 years, said Multani.

Going ahead, extracting the innate robustness of its underlying fundamentals and supported by a pragmatic and encouraging policy mix, Indian economy is projected to continue to grow at the fastest rate as compared to other leading economies in the world, he said.  (KNN Bureau)