India’s gross domestic product (GDP) is now being strongly expected to witness record growth in the third and fourth quarters of fiscal 2020-21 due to various reforms undertaken by the government in the last ten months, according to the PHD Chambers of Commerce and Industry (PHDCCI), which recently said out of the 10 indicators of Quick Economic Trends (QET) of economic and business activity tracked, nine have performed positive.
The Indian economy shrunk by a record 23.9 per cent in the June quarter and saw a contraction of 7.5 per cent in the second quarter.India's GDP is now being strongly expected to witness record growth in the third and fourth quarters of fiscal 2020-21 due to various reforms undertaken by the government in the last ten months, according to PHDCCI, which said out of the 10 indicators of Quick Economic Trends (QET) of economic and business activity tracked, nine have performed positive.#
"On the back of various reforms undertaken by the government in last 10 months along with a demand boosting and investment inducing Budget, the expectations of a positive GDP growth in Q3 and Q4 FY 2020-21 are becoming strong," PHDCCI added.
The industry body said that economic and business indicators such as unemployment rate, stock market, goods and services tax collections, manufacturing PMI, forex reserves, railway freight, merchandise exports, exchange rate, and passenger vehicle sales have shown positive sequential growth in January as compared with December 2020, according to a news agency report.
Fibre2Fashion News Desk (DS)
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