India Economy To Add $3.3 Tn In GDP By 2030, Says Industry Body PHDCCI
The new industrial policy is needed at this juncture to strengthen industrial development and employment creation in the country, says PHDCCI
India holds the potential to create more than 10 crore jobs by 2030, economy will add USD 3.3 trillion in gross domestic product (GDP) by 2030, the industry body PHD Chamber of Commerce and Industry (PHDCCI) said in a report.
The industry body stated that the size of the economy is expected to be USD 7 trillion by 2030 from USD 3.7 trillion in FY 2024 and this new addition of more than USD 3 trillion in the next six years will create tremendous avenues for employment creation in the country in the coming times.
Amidst the growing geopolitical distress and uncertain global economic environment, India grew more than 8 per cent (average) from FY 2022 to FY 2024, said Sanjeev Agrawal, President, PHDCCI. “We suggest a roadmap for creating more than 10 crore jobs by 2030 in many segments including MSMEs, large conglomerates and startups,” added Agrawal.
The post-pandemic high growth trajectory has created avenues for crores of jobs in the coming years, said Agrawal. The PHDCCI suggested boosting manufacturing growth to double digits by percolating ease of doing business at the factory level and reducing the cost of doing business.
The new industrial policy is needed at this juncture to strengthen industrial development and employment creation in the country, said Agrawal.
PHDCCI conducted an analysis, “Achieving a Higher Exports Trajectory: 75 Potential Products and Markets” in 2022 and identified potential 75 products to scale up volumes of exports. In the suggestive agenda, it recommended the government to focus on these 75 products to strengthen India’s export trajectory and increase India’s share in global exports. “These 75 products will be crucial to achieving the trajectory of USD 2 trillion in exports by 2030,” said Agrawal.
The government should ensure a policy to strengthen the farm sector as the farm sector will drive the futuristic demand trajectory and enhance domestic consumption, factory expansion and employment creation. The government in its first 100 days should strategise to mitigate inflation escalations by facilitating seamless connectivity between farmers, mandis and consumers. Moreover, price escalations should be managed by smoothing supply chains, controlling hoarding of food items and bringing petroleum products under the ambit of GST, Agrawal added.
PHDCCI recommended developing a blueprint to strengthen the shift to a green accounting system. This new accounting approach will further boost India’s sustainable economic growth and facilitate reducing India’s global carbon footprint, said Agrawal.
