Need to further fuel the engines of consumption, private investment: Industry

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There is a need to further fuel the engines of household consumption and private investment to improve aggregate demand in the economy, industry chamber PHDCCI said on Sunday.

He added that the government should step up spending on the National Infrastructure Pipeline (NIP), as increased spending on projects will give a multiplier effect to rejuvenate aggregate demand in the economy.

More direct benefit transfers need to be considered for the urban and rural poor as part of various social assistance programs, in addition to the distribution of free dry rations, said PHDCCI President Sanjay. Aggarwal.

The chamber projects a double-digit GDP growth path of 10.25% in 2021-2022, supported by effective government policies and improving corporate sentiment.

The improvement in key economic indicators signals a widespread recovery in the coming months, which will be greater than pre-COVID economic activity, he added.

“At this stage, it is necessary to further fuel the engines of household consumption and private investment to improve aggregate demand in the economy, as this will have an accelerated effect on the expansion of capital investment in the country. “said Aggarwal.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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