phdcci: Strong GDP growth expected in the coming quarters: PHDCCI

The chamber of industry PHDCCI said on Sunday that it expects strong GDP growth over the next few quarters as the economic recovery accelerates. Of the 12 main economic and business indicators of QET (Quick Economic Trends), tracked by the sector body, nine showed a slight increase in sequential growth for the month of September 2021, compared with six showing the upward trend in August 2021.

“The upward trend in key economic and trade indicators over the past few months shows that the economic recovery is accelerating and strong economic growth is expected in the coming quarters,” said Pradeep Multani, Speaker of the Chamber. of commerce and industry PHD (PHDCCI).

However, he suggested, at this point there is a need to tackle high commodity prices and raw material shortages to support consumption and private investment in the country.

GST collections, stock market, UPI transactions, exports, exchange rate, foreign reserves, CPI inflation, WPI inflation, and unemployment rate grew sequentially positive in September 2021 compared to August 2021, said PHDCCI.

In addition, the unemployment scenario improved to 6.9% in September 2021 from 8.3% in the previous month.

“The stock market (SENSEX – daily close average) saw sequential growth of 6.4%, from 55,238 in August 2021 to 58,781 in September 2021. GST collections recorded sequential growth of 4.5 % compared to Rs 1,12,020 crore in August 2021. to Rs 1,17,010 crore in September 2021, ”PHDCCI said.

Supply side issues such as high input prices, raw material shortages, among others, impact production possibilities and reduce companies’ price-cost margins, Multani said.

He observed that the drivers of household consumption need to be further strengthened to improve aggregate demand as this will have an accelerated effect on expanding capital investment.

India’s economy grew 20.1% in the first quarter of 2021-2022, helped by a weak base from the previous year, official data showed in August.

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