We also see an upward revision to the previous quarter's GDP growth to 8.6 per cent Y-o-Y, primarily due to approximately 50 basis points upward revision of private consumption spending. This marks a continued momentum to the economic activity this year and beats all market analyst expectations.
The data for the fourth quarter takes FY24's GDP growth to 8.2 per cent Y-o-Y, which is 0.4 percentage points higher than our projected estimate for the year. It beats the second Advance Estimate that was at 7.6 per cent and the Reserve Bank of India's estimate of 7.3 per cent.
The data points to mixed but encouraging results. By the expenditure-approach method, GDP growth in Q4 was aided by a steady growth in private consumption spending and robust export growth. High-frequency indicators for this quarter suggest that improvement in private consumption spending was broad-based. Two-wheeler and tractor sales in the quarter had reported healthy growth, while FMCG data pointed to improved rural consumption. At the same time, domestic air passenger traffic and IIP of consumer durables (11.2 per cent Y-o-Y) pointed to healthy urban demand.
Bu hikaye Business Standard dergisinin June 01, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin June 01, 2024 sayısından alınmıştır.
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