New Delhi : Industry body PHDCCI has released a report regarding the Indian economy. On the basis of this report, it has been revealed that the Indian economy is going to grow at 6.8 percent in the current financial year. It is also expected that the Indian economy can grow at a speed of 7.7 percent in the financial year 2025-26.
The President of PHD Chamber of Commerce and Industry i.e. PHDCCI has said that the Indian economy, which has been growing strongly for the last 3 years, can become the fourth largest economy in the world by the coming year i.e. 2026, leaving Japan behind.
Significant progress based on government reforms
The industry body has said that due to global challenges, the Indian economy is seen as a ray of hope. The growth rate of many major economies of the world has been slow, while the Indian economy has shown remarkable growth on the basis of strong economic fundamentals and government reforms.
Income tax limit increased
Industry body PHDCCI has said about the upcoming budget that it is very important to promote consumption by increasing the spending limit of the people. For this, the upper limit of income tax should be applicable only to persons with annual income of more than Rs 40 lakh. Besides, the income tax exemption limit can also be increased to Rs 10 lakh.
Retail inflation may decrease
PHDCCI has said that today there is 15 lakh middle income and we are imposing tax on it. It is not right to impose tax on this kind of medium income. PHDCCI Deputy General Secretary SP Sharma has said that the country's retail inflation is decreasing. Retail inflation is expected to decline to 4.5 percent in the current financial year and between 4 to 2.5 percent in the coming quarters. Due to decline in retail inflation, RBI may reduce the repo rate by 0.25 percent in the monetary review in the month of February.
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