INDIA'S ECONOMIC GROWTH slowed to a three-quarter low of 4.4% in October-December 2022 (Q3FY23), with manufacturing remaining in the doldrums and key services industries registering sequential loss in growth momentum, according to data released by the National Statistical Office (NSO) on Tuesday.
Private consumption, the largest constituent of gross domestic product (GDP), saw a rapid decline since the pent-up demand-driven resurgence in the June quarter (Q1) and investment recovery in the current fiscal has been modest and its endurance doubtful, the data revealed.
In the second advance estimates of national income, the NSO retained the FY23 growth at 7% seen in the first but undertook significant revisions of the estimates for FY20, FY21 and FY22.
The real GDP growth in the last fiscal is now estimated at 9.1% compared with the earlier estimate of 8.7%.
The growth contraction in the pandemic-hit FY20 is now re-estimated at -5.8% (6.6%), while the rate of expansion of GDP in FY20 has been revised to 3.9% (3.7%). Put simply, the cumulative average real GDP growth rate between FY20, the pre-pandemic year, to FY23 is now seen at 3.2%.
After all revisions, the nominal GDP in the current fiscal is now pegged at ₹272.04 trillion, slightly lower than the first advance estimate of ₹273.07 trillion, and up 15.9% on year (15.4%). This would mean the fiscal deficit for the year will be slightly higher at 6.45% compared with 6.42% in the revised estimate (RE), if deficit in absolute term is the same as the respective RE.
The latest data barely removes the uncertaintyorpessimism over the growth momentum, though the growth compared with the respective pre-Covid level was higher in Q3 compared with Q2.
There aren't much growth drivers around other than the promise of sustained capex momentum by the Centre and companies owned by it and a modest consumption booster from the tax reliefs to the middle class in the Budget.
هذه القصة مأخوذة من طبعة March 01, 2023 من Financial Express Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة March 01, 2023 من Financial Express Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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