PHDCCI India Remains Resilient with 6.2% GDP Growth in Q3 FY 2024-25
Despite geopolitical headwinds India’s growth at 6.2% in Q3 FY 2024-25 reflects India’s resilience and the effectiveness of policies, said Mr. Hemant Jain, PHDCCI, in a press statement issued here today .
The growth is largely driven by the strong performance of agriculture and allied sectors, which saw a growth rate of 5.6% in Q3 FY25. This rebound is expected to boost farmers’ income and further enhance agricultural productivity and rural growth, said Mr. Jain .
The tertiary sector has emerged as a key growth engine, showing an impressive 7.4% growth in Q3 FY25. Services such as trade, hotels, transport, communication, and broadcasting services have witnessed high growth of 6.7%, said Mr. Jain.
This indicates a vibrant services sector that continues to expand, creating new avenues for employment and economic development, said Mr. Jain.
Private final consumption expenditure grew by 6.9% in Q3 FY25; showing steady increase in consumer spending and strength to demand trajectory, said Mr. Jain.
The manufacturing sector grew steady at 3.5%, reflecting the continued strength of India’s manufacturing sector reforms, said Mr. Jain.
The construction sector remains a strong support to India’s economic growth, showing consistent growth of 7% in Q3 FY25, said Mr. Jain.
This sector not only generates significant employment across various skill levels but also acts as a catalyst for infrastructure development, said Mr. Jain
The electricity, gas, water supply, and other utility services grew by 5.1% in Q3 FY 2024-25, indicating strong support for the manufacturing sector through enhanced infrastructure and energy, said Mr. Jain.
The robust performance of India’s gross fixed capital formation (GFCF) at 27.6% of GDP for Q3 FY25 indicates sustained capacity expansion, said Mr. Jain.
RBI Youth Key to Spreading Awareness on Financial Frauds via Social Media
27th February2025: PHDCCI, under the aegis of its Banking, Financial Services and Insurance (BFSI) Committee, organized an awareness program on financial frauds at Jagan Institute of Management Studies (JIMS), Rohini, Delhi. The programme was supported by the Reserve Bank of India Ombudsman’s Office and JIMS, Rohini that aimed at raising awareness amongst youth about different types of financial frauds.
Present on this occasion were senior officials of RBI including Mr. Brijlal Singh, Deputy General Manager & Deputy Ombudsman, RBI, Delhi; Dr. Pooja Jain, Director, JIMS, Rohini; Dr. R. K. Singh, Dean PGDM RM, JIMS, Rohini; Ms. Priti Singh, Assistant Manager, RBI; Mr. Simranjit Singh, RBI ; Ms. Babeeta Sharma, Senior Secretary, PHDCCI and Mr. Sanjay Ahuja, Joint Secretary, PHDCCI.
Mr. Brijlal Singh emphasised that in today’s digital age everyone is vulnerable to frauds. The only way to protect one is through awareness and precautions, as fraud takes many forms. Driven by ignorance, greed, and fear, financial fraud highlights the need for awareness programs and he requested young participants to take utmost care while doing financial transactions. He added that youth have a significant advantage in spreading awareness about financial frauds, especially through social media platforms.
Ms. Priti Singh gave presentation on all the aspects of Financial Frauds & Prevention and shared an overview of some of the most common forms of financial fraud in the banking industry like phishing, vishing, ATM card skimming, QR code scam, SIM swapping, juice jacking, identity theft, credential theft, biometrics spoofing, impersonation, lottery frauds, investment frauds and job scams.
Mr. Simranjit Singh, Assistant, RBI briefed the scheme which was inaugurated by Hon’ble Prime Minister Shri Narendra Modi in 2021. He gave an overview of the Ombudsman scheme, its history and mentioned that any customer aggrieved by an act or omission of a regulated entity resulting in a deficiency in service can file a complaint under the scheme.
Dr. Pooja Jain appreciated the awareness programme that would safeguard the youth from financial frauds and thanked all officials from RBI and PHDCCI for collaboratively organizing such an interactive and informative session for the benefit of faculty and students of the institute.
Ms. Babeeta Sharma moderated the session & Mr. Sanjay Ahuja, Joint Secretary, PHDCCI coordinated the whole programme.
A quiz was organized during the event, based on the content covered in the sessions. The program saw participation of a large number of students and faculty to learn more about cyber security and financial frauds.