ON GRO WITH PATH
BW Businessworld|August 26, 2023
The impressive performance by India Inc. across key sectors such as banking, FMCG, automotive, and paints during Q1 marks a Goldilocks moment for the Indian economy amid uncertainties
Ashish Sinha
ON GRO WITH PATH

THE INDIAN ECONOMY is well and truly on the growth path. An affirmation of this came in the form of an impressive first quarter performance by listed Indian companies across key sectors like banking, FMCG, automotive, and paints, which have recovered sharply from the recent lows. What’s more, recent forecasts for the economy have added to the optimistic outlook for FY24. The International Monetary Fund (IMF), in its July 2023 update of the World Economic Outlook, raised India’s projected growth from 5.9 per cent to 6.1 per cent, indicating economic recovery. International rating agency Fitch too revised India’s growth projection for FY24 to 6.3 per cent from 6 per cent. The ADB, in its July 2023 Asian Development Outlook, predicted 6.4 per cent growth for India in FY24.

High-frequency indicators for May and June 2023 too attest to strong growth momentum during 1QFY24. The Purchasing Managers’ Index (PMI) for manufacturing and services maintained elevated levels of 57.8 and 58.5, respectively, in June 2023 (see chart). Notably, the PMI, an economic indicator derived from the monthly survey of the private sector companies, averaged 57.9 in Q1FY24, the highest since Q4FY10, while PMI services averaged 60.6, its highest since Q1FY11. Bank credit grew a healthy 15.4 per cent in May, and 15.9 per cent in April 2023.

This story is from the August 26, 2023 edition of BW Businessworld.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the August 26, 2023 edition of BW Businessworld.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BW BUSINESSWORLDView All
MEMORIES & IMPRESSIONS
BW Businessworld

MEMORIES & IMPRESSIONS

Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.

time-read
3 mins  |
October 19, 2024
The Robotaxi Market
BW Businessworld

The Robotaxi Market

The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.

time-read
1 min  |
October 19, 2024
And the Nobel Prize Goes to AI
BW Businessworld

And the Nobel Prize Goes to AI

The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.

time-read
1 min  |
October 19, 2024
Ola Electrified
BW Businessworld

Ola Electrified

Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.

time-read
1 min  |
October 19, 2024
Sharp Slide in Industrial Output on Eve of Deepavali
BW Businessworld

Sharp Slide in Industrial Output on Eve of Deepavali

India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.

time-read
1 min  |
October 19, 2024
Heralding the Solar Era with Sustainable Electrification
BW Businessworld

Heralding the Solar Era with Sustainable Electrification

RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more

time-read
2 mins  |
October 19, 2024
A WELL-GREASED MACHINE
BW Businessworld

A WELL-GREASED MACHINE

The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar

time-read
4 mins  |
October 19, 2024
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
BW Businessworld

DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH

For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh

time-read
7 mins  |
October 19, 2024
Disruption Ahead: Beyond Organisation Charts and Structures
BW Businessworld

Disruption Ahead: Beyond Organisation Charts and Structures

ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.

time-read
3 mins  |
October 19, 2024
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
BW Businessworld

Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment

We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.

time-read
2 mins  |
October 19, 2024