The decline in new coronavirus cases, accelerated vaccination drive, improved consumer and business confidence and the anticipated high demand amid the upcoming festive season will further enhance the pace of economic recovery in the coming months, the chamber said.
However, it highlighted the need to address the high commodity prices and shortages of raw materials to support the consumption and private investments in the country.
"The drivers of household consumption needs to be further strengthened to enhance the aggregate demand as it will have an accelerated effect on the expansion of capital investments," PHDCCI said.
It urged the central government to frontload the National Infrastructure Pipeline expenditure arguing that increased spending on infrastructure will give a multiplier effect to rejuvenate the aggregate demand in the economy.
ALCHEMPro News Desk (DS)
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