Economists believe that a broad-based rise in private consumption expenditure as well as private investments is essential for a full-fledged economic recovery.
According to official data released on Wednesday, private final consumption expenditure remained muted at 2.8% in the fourth quarter of the fiscal 2022-23 as against 2.2% in the third quarter of the fiscal. In contrast, gross fixed capital formation grew by a robust 8.9% in the fourth quarter of the fiscal as against 8% in the third quarter as the government kept up the pedal on capex and along with some private investments.
Government final consumption expenditure recorded a low single digit growth of 2.3% in the fourth quarter of the fiscal. Despite global headwinds, exports grew by 11.9% in the quarter.
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