India's strategy of dealing with the COVID crisis has paid off and the country's economy is set to bounce back and emerge stronger, according to Federation of Indian Chambers of Commerce and Industry (FICCI) president Sangita Reddy, who said the recent monetary policy assures that the government and the regulator will do everything to keep the economy afloat.
“As we can see the initial green shoots of recovery have begun. The PMI [purchasing managers’ index] for manufacturing and services has recovered to 56.8 and 49.8 respectively in September 2020. There has been a pick-up in e-way bill volumes, improvement in revenue earning freight traffic of major commodities, positive growth in exports and most significantly increase in the September GST [goods and services tax] collections to almost pre-COVID-19 level,” she was quoted as saying in a FICCI press release.
The agriculture sector has performed well which is a positive sign for India’s agri-export target of $60 billion by 2022, and the manufacturing sector has the potential to reach $1 trillion by 2025, she said.
India’s information technology sector could touch $350 billion by 2025 and business process management is expected to account for $50-55 billion of the total revenue, she said.
India's retail market is estimated to reach $1.1-1.3 trillion by 2025, from $ 0.7 trillion in 2019, growing at a compounded annual growth rate (CAGR) of 9-11 per cent, FICCI said in the press release.
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