On the back of meaningful and proactive reforms undertaken by the government, calibrated measures by the RBI, rapid vaccination drive, improved consumer and business sentiments and low base effect, the economy has recovered from the severe contraction of 2020-21, PHDCCI President Pradeep Multani said.
The chamber projects the overall GDP growth to be in double-digits at 10.25 per cent for 2021-22, he added.
At this juncture, he said, there is a need to address the high commodity prices and shortages of raw material to support the consumption and private investments in the country.
Industry body Assocham said the notable feature of the smart recovery in India’s Q2 GDP growth was that the economic expansion has been broad-based, with most of the sectors bouncing back after being hit hard by the pandemic.
“However, with the new COVID-19 variant forcing global restrictions, it would remain a challenge to sustain the growth momentum while ensuring that the pandemic remains in check.
“Continued focus on vaccination and COVID appropriate behaviour like avoidance of large gatherings, social distancing would remain even more relevant,” it added.