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PHDCCI expects Indian economy to grow at 6-7% in FY23 amid demand rise

13 Oct '22

2 min read

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India’s PHD Chamber of Commerce and Industry (PHDCCI) recently said it expects the Indian economy to grow at 6-7 per cent during this fiscal keeping in mind the current trend. Emphasising that production has bounced back with rise in demand, chamber president Saket Dalmia said the PHDCCI has identified 75 potential products to promote exports in 75 countries.

The aim is to help India achieve the trade target of $750 billion by 2027, he said.

The United States, Canada, Germany, France, the United Kingdom, Japan, the United Arab Emirates and China would be the major focus markets to boost exports. Products include textiles and pharmaceutical items, Dalmia was quoted as saying by a news agency.

The statement comes a day after the International Monetary Fund (IMF) cut its economic growth forecast for India to 6.8 per cent for this year. The Reserve Bank of India (RBI) has also cut the economic growth projection for this fiscal to 7 per cent from the earlier 7.2 per cent.

The cost of capital is a key challenge for the micro, small and medium enterprises (MSME) sector and the chamber has requested RBI and the government to look into the issues, he said.

Cost and access to capital is a big challenge and banks have "not done anything or not enough" at this front, he added.

Fibre2Fashion News Desk (DS)

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