2021 to be the year of economic rise of India

India will rise as the most resilient economy after Germany’s powerful economic resurgence of the global economic turbulence triggered by the Covid 19 pandemic in 2021, according to a survey. According to a study published by the industry body PHDCCI, Germany ranks first in the PHDCCI International Economic Resilience (IER) list, followed by India and South Korea in second and third places, respectively. It is based on an analysis of five major macroeconomic indicators that represent the economic performance of a country, including real GDP growth rate, the growth rate of merchandise exports, current account balance (as a percentage of GDP), net lending/borrowing of the general government (as a percentage of GDP) and gross debt-to-GDP ratio.

India’s IER Position holds the second position among the top 10 leading economies, showing India’s high resistance to the challenging Covid-19 pandemic, stated Ph.D. Chamber of Commerce and Industry President Sanjay Aggarwal. The overall production is expected to be second after Germany in 2021, he said. According to the business body, India’s real GDP growth rate is expected to be the fastest at 11.5 per cent in 2021 among the top 10 leading economies in the world.

The rise in the magnitude of export of goods is expected to be the highest at 14 per cent in 2021, indicating the great potential of the economy in terms of its foreign presence, Aggarwal added. This is certainly a positive sign and good news since the pandemic affected the growth rate of the country. Next few months are going to be crucial for the revival of the Indian economy.

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