08:44 PM
State Bank of India Chief Economic Adviser Soumya Kanti Ghosh added in a note on Friday that the manufacturing sector was expected to rebound, while the boost in government spending would “strengthen job creation and demand”.
08:44 PM
Daniel Leigh, who heads the World Economic Studies division in the IMF’s Research Department, in April called the country “one of the bright spots in the global economy”.
08:43 PM
GDP expansion in Q4 FY2023 was appreciably higher than expected: Aditi Nayar, Chief Economist at rating agency Icra
Aditi Nayar, Chief Economist at rating agency Icra, said GDP expansion in Q4 FY2023 was appreciably higher than expected while remaining uneven and confirming the hopes of a sequential pickup in the pace of growth of economic activity to 6.1 per cent from the bottom of 4.5 per cent seen in Q3 FY2023. Icra has projected growth of real GDP in FY24 at 6 per cent, with a downside risk of up to 50 basis points in the event that an El Nino affects the monsoon rains.
08:41 PM
Clear signal is available that the Indian economy has moved at a faster clip from the fourth quarter of FY23: Assocham’s Secretary General Deepak Sood
In 2021-22, the economy grew by 9.1 per cent. “Looking into the fine print of the GDP data for 2022-23, a clear signal is available that the Indian economy has moved at a faster clip from the fourth quarter of FY23 in key sectors like manufacturing, construction and financial services,” industry body Assocham’s Secretary General Deepak Sood said. Going forward, he said the momentum is likely to continue given softening of raw material prices, including crude oil, and peaking of interest rates.
08:39 PM
Key infra sector growth slows to 6-month low of 3.5 pc in April
The production growth of eight key infrastructure sectors slowed down to a six-month low of 3.5 per cent in April 2023 due to a decline in the output of crude oil, natural gas, refinery products and electricity. The core sector growth was 9.5 per cent in April 2022, while in March 2023, the key infra sectors recorded a growth rate of 3.6 per cent. The growth rate in April 2023 is the lowest since October 2022 when the sectors expanded by 0.7 per cent.
The 2022-23 GDP growth figures underscore the resilience of the Indian economy amidst global challenges. This robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people.
– PM Modi
07:51 PM
Key takeaways from GDP data
- Growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.
- Q4 GDP estimated at ₹43.62 lakh crore, as against ₹41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 percent.
- India’s manufacturing sector saw a sharp slowdown in growth to 1.3% in FY23 versus 11.1% in the previous fiscal.
- GVA in agriculture, forestry and fishing saw a growth of 4% in FY23, rising from 3.5% in FY22.
- Financial, real estate and professional services recorded a growth of 7.1% versus 4.7% in FY22.
- Construction sector also slowed down to 10% growth in FY23 versus 14.8% in FY22.
- India’s per capital national income (net) rises to ₹98,374 crore in FY23, as against ₹92,583 crore in FY22.
06:54 PM
India records strong 7.2% annual growth
India’s GDP grew by 7.2 percent in the year to March, official figures showed on Wednesday, boosted by services and consumption, putting it amongthe world’s fastest-expanding major economies. The South Asian nation is the world’s fifth-largest economy, and recently surpassed China to become the most populous country. Its growth has rebounded since the pandemic — the economy rocketed 9.1 percent in the 2021-22 financial year.
06:52 PM
CEA: Imports of capital goods surged by almost 20% in FY23 from a year earlier and domestic production remained good, signalling improved private sector capital formation
06:50 PM
CEA: Of late, risks from the El Nino effect are being seen as less damaging by the Met department, which is good news.
06:50 PM
Urban demand remains intact. Passenger vehicle sales are picking up.
06:50 PM
Increase in interest rates in India was not as high as in many countries.
06:50 PM
Private consumption remained weak in 4th quarter 2023
Private consumption may have remained weak in the fourth quarter of FY23 but overall it remained strong in the last fiscal. Private consumption surpasses pre-pandemic level in the third quarter itself, helped by the release of pent-up demand. There are signs of recovery in rural demand.
06:48 PM
CEA: There is a chance that retail inflation will come down to about 4%, the mid-point of the RBI’s target band, in the course of the current financial year itself.
06:46 PM
CEA: Government investment is beginning to crowd in private investment
06:38 PM
Chief economic advisor on GDP…
Read More: India GDP Q4 Growth LIVE Updates: January-March GDP expands 6.1%, full FY23 GDP