India’s GDP growth will be more than 7% in the coming quarters: PHD Chamber

While deliberating on the imperatives and impediments to the Indian economy, President, PHD Chamber of Commerce and Industry, Mr. Gopal Jiwarajka said here in a press statement that India will be growing steadily in the coming quarters.

The growth rate will be more than 7% in the coming quarters as the Government is expected to take calibrated steps to revive the economic growth, said Mr. Jiwarajka.

The overall growth rate of the Indian economy in 2017-18 will be close to 7% on the account of advantages of 7th Pay Commission and growth provoking measures undertaken by the Government.

PHD Chamber of Commerce and Industry organized a Seminar on the Growth prospects of the Indian Economy: Imperatives and Impediments on 5th October 2017 at PHD House, New Delhi.

The eminent experts across the segments including Shri Nitin Desai, Former Chief Economic Advisor to Government of India and Trustee Delhi Policy Group, Dr. Nilotpal Goswami, Director General (States), Comptroller and Auditor General of India, Shri Ajay Shankar, Former Secretary, DIPP, Government of India, Shri. T K  Arun, Editor-Opinion, Economic Times, Dr. Ram Upendra Das, Head and Professor - ‎Centre for Regional Trade Department of Commerce Ministry of Commerce & Industry Government of India, Dr. Amitabh Kundu, Visiting Professor, Institute for Human Development joined the deliberations.

All the experts unanimously felt that Issues such as rationalization of GST, labour reforms and ease of doing business should be focused to kick start the economic growth.

Demonetization and impractical implementation of GST has undermined the economic performance, said the eminent experts

There is a need to focus on the ease of doing business among the MSMEs.

The excessive compliances and filings are increasing under various statutes are leading to inefficiencies in operations and thereby, increasing costs.

It has particularly become very difficult for small business to comply with excessive increasing formalities under various laws.

Reduction in cost of credit is critical to rejuvenate demand and re-capture industrial growth and boost overall economic growth in the coming times, said the participants in the seminar.

Costs of borrowing should come down in India as it is impacting the competitiveness of Indian industry at national and international arena, they said

Going ahead, all the experts suggested that the time bound implementation of reform measures at the grassroots level would be critical to push the economic growth to an unprecedented levels.