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Business Economy

PHD Chamber projects Q2 FY 2021-22 GDP growth at 8-10%

NEW DELHINov. 24, 2021 /PRNewswire/ -- According to the PHDCCI Economic & Business Momentum (EBM) Index, the 25 lead economic and business indicators have shown a significant recovery at 101.6 for Q2 FY 2021-22 as compared to 96.0 for Q2 FY 2020-21, at the base of 2018-19 = 100.

"The PHD Chamber of Commerce and Industry projects Q2 FY 2021-22 GDP growth at 8-10% and a double digit GDP growth trajectory at 10.25% in the full FY 2021-22 on the back of supportive Government policies, uptrend in the key economic and business indicators and resultant strong business confidence and positive consumer sentiments," said Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry in a press statement issued here today.

Lead economic and business indicators have shown a higher growth in September 2021 as compared with September 2020. PHDCCI Economic & Business Momentum (EBM) Index at 101.1 for September 2021 is higher as compared with 96.5 for September 2020.

Economic  recovery so far (Y-o-Y)



September 2017

September 2018

September 2019

September 2020

September 2021






Source: PHD Research Bureau, PHDCCI EBM Index

Lead economic and business indicators such as SENSEX, FDI equity inflows, merchandise exports and services exports have shown a noteworthy improvement in September 2021 as compared to the September 2020, said Mr Pradeep Mulatni.

Sequentially, the PHDCCI EBM Index has shown a decline for September 2021 to the level of 101.1 as compared to 101.7 for August 2021, due to shortages of raw material, high input prices, among others, said Mr Pradeep Multani

Economic recovery so far (Sequential)


EBM Index


January 2021

February 2021

March 2021

April 2021

May 2021

June 2021

July 2021

August 2021

September 2021










Source: PHD Research Bureau, PHDCCI EBM Index

At this juncture, there is a need to address the high commodity prices and shortages of raw material to support the consumption and private investments in the country.

The drivers of household consumption need to be further strengthened to enhance the aggregate demand as it will have an accelerated effect on expansion of capital investments.

More and more direct benefit transfers needs to be enhanced for the urban and rural poor under the various welfare schemes.

PHDCCI EBM (Economic and Business Momentum) Index has shown steady recovery from the lows of 78.3 for April 2020 to 100.3 for April 2021, 95.3 for May 2021 as compared with 85.7 for May 2020, 98 for June 2021 as compared to 91.6 in June 2020, 102.1 for July 2021 as compared to 95.5 in July 2020, 101.7 for August 2021 as compared to 95.9 in August 2020 and 101.1 for September 2021 as compared to 96.5 in September 2020 with a base of 2018-19=100.

PHDCCI EBM Index is a composite index of 25 lead economic and business indicators with base year at 2018-19=100, which considers the demand and supply indicators to present a broad perspective of the economy. The 25 indicators include the IIP Consumer durable goods, IIP Consumer non-durable goods, IIP Capital Goods, IIP Intermediate Goods, Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilisers, Steel, Cement, Electricity, Consumption of Petroleum products, Export Merchandise, Export Services, India Freight Traffic, Credit to Agriculture, Credit to Industry, Credit to service sector, Personal Loans, GST Collections, SENSEX, FDI Equity Inflows, External commercial borrowings and Unemployment.


PHD Chamber of Commerce and Industry, established in 1905, is a proactive National Apex Chamber working at the grass-root level and with strong national and international linkages. The Chamber acts as a catalyst in the promotion of industry, trade and entrepreneurship. PHD Chamber, through its research-based policy advocacy role, positively impacts the economic growth and development of the nation.

PHD Chamber of Commerce and Industry (PHDCCI) is one of the Premier Chambers in India to have been accredited with "Diamond Grade" by NABET(QCI), at national and international level.

PHDCCI has its international office at Bahrain for 6 GCC countries, with 1,30,000 companies as its members base, with a total focus on the development of small and medium businesses. PHDCCI has co-opted National and International Industry Associations and Organisations through over 100 MoUs signed between the parties.

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