ECONOMY

India only economy among the world’s top ten to post consistent growth: PHDCCI

India’s robustness amid testing times of COVID-19 and geopolitical spillovers remains intact. The Indian economy improved from the sixth position in 2019 to the fourth in 2020 and then moved up to the third 2021 and the second place in 2022 among the top-ten leading economies, notes a media communique of industry body PHDCCI. 

Despite massive disruptions in both demand- and supply-side factors as caused by COVID-19 and further geopolitical distress, India, through its effective dynamic policy environment, is the only economy among the top-ten leading economies which has shown consistent improvement in its macroeconomic performance during the last four years, PHDCCI President Pradeep Multani has said.

The PHDCCI has recently published a report, Pre- and Post-COVID Economic Dynamics of Leading Economies. The report is based on a comparative analysis of leading economies conducted on the basis of five main economic parameters – real GDP growth rate, merchandise export volume growth rate, current account balance as a percentage of GDP, general government net lending/borrowing as a percentage of GDP and gross debt to GDP ratio. 

A rank analysis of International Economic Resilience (IER), based on the five leading macroeconomic indicators, for each of the years of 2019, 2020, 2021 and 2022, suggests that India’s macroeconomic endurance has consistently improved over the last four years as compared to the other leading economies in the world. India is projected to improve to the IER rank of second for 2022, adds the industry body. 

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

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