New Delhi: Amid geo-political turbulence and the shrinking of world economies, India’s economy is expected to remain a bright spot in the global ecosystem, pushing the global growth trajectory to higher levels, particularly the regional growth in South Asia, leading economists said on Saturday.
The latest United Nations’ World Economic Situation and Prospects (WESP) 2025 report projects India to grow at 6.6 per cent, compared to the world economy at just 2.8 per cent, the US at 1.9 per cent and China at 4.8 per cent.
“India’s high growth trajectories are based on the back of various reforms undertaken by the government during the last many years and the average growth rate of the Indian economy is more than 8 per cent, which is very inspiring and encouraging,” Dr S.P. Sharma, Chief Economist and Deputy Secretary General of the PHD Chamber of Commerce and Industry (PHDCCI), told IANS.
The country is going to become the world’s third-largest economy by 2027 and the size of the economy is expected to be around $7 trillion by 2030, as economic reforms provide a great growth trajectory to the Indian economy.
Sanju Verma, an economist and a BJP national spokesperson, told IANS that India will be the torchbearer of global GDP growth in 2025, driven by excellent private consumption, which has been moving from strength to strength.
“Don’t forget that consistently, quarter after quarter, private consumption has been growing at 6 per cent plus. Two quarters back, the number actually hit a new high of growth of 7.4 per cent,” Verma noted.
According to economists, besides private consumption, what is also heartening is that the IIP growth numbers in November are excellent, having come in at 5.2 per cent which is a six-month high, driven by manufacturing growth, which came in at 5.8 per cent.
“What is driving IIP is the fact that 18 out of 23 industry groups clocked positive growth. Consumer durables grew by a whopping 13.1 per cent,” said Verma.
The long and short of the story is that capital goods, infrastructure, construction and private consumption… these are the pillars on which the Indian economy is currently firing from,” she added.
(IANS)
