Industry Chamber Requests That measures be Taken to Avert Inflation as FDI is Likely to Surpass 7.5 lakh Crore

In the current fiscal year, foreign direct investment (FDI) is estimated to hit $100 billion or nearly Rs 7.5 lakh crore. On Thursday, the PHD Chamber of Commerce and Industry (PHDCCI), an industry group, stated this optimism.

Recent Economic changes have aided the country’s growth to $5 trillion

According to the group, India can attract FDI worth $100 billion in the current fiscal year as a result of recent economic changes and initiatives done to improve ease of doing business.

GDP growth is expected to exceed 8%.

According to the industry group, the gross domestic product (GDP) growth rate is expected to exceed 8% in the current fiscal year. However, there is a possibility of growing inflation due to rising commodity costs, particularly crude oil, on the worldwide market.

India must take a number of initiatives

According to the PHDCCI, India needs to adopt a number of actions to enhance economic growth and reach the $5 trillion target economy in the next five years. It is critical to address the problem of raw material scarcity.

The group has underlined the importance of boosting public investment in the agriculture sector, as well as accelerating infrastructure investment and involving more industries in the production-based incentive (PLI) system.

In addition, the group has stated that it is critical to address the issue of high goods prices and a scarcity of raw materials.