PHDCCI sees India's FY22 GDP growth in 9.3-9.7% range

New Delhi: Industry body PHD Chamber of Commerce and Industry (PHDCCI) has projected India's FY22 GDP growth at 9.3-9.7 per cent. The industry body's rationale behind the estimated GDP growth for the fiscal year came on the back of "supportive government policies, decelerating impact of Coronavirus and continued improvement in key economic and business indicators", Pradeep Multani, President, PHDCCI, said in a statement on Wednesday.

Leading economic and business indicators such as Sensex, merchandise exports and services exports have shown a noteworthy improvement in Q3FY22 as compared to Q3FY21, Multani said. For Q3FY22, GDP growth is expected to be in the range of 6.1-6.5 per cent, the statement said.

The official figure for the quarter is expected to be declared by the National Statistical Office on February 28. Going ahead, the pace of economic activity is expected to remain strong on the back of various structural reforms undertaken by the Centre over the past two years, Multani added.

Giving context to the FY23 Budget, Multani said the Centre "looks into the future while keeping a close eye on the ground". "The Budget is a step forward towards the vision of creating an Aatmanirbhar Bharat and reflects consistency in government's approach in making India a modern, developed and inclusive nation," Multani said.