INSUBCONTINENT EXCLUSIVE:
higher than 6.2% in the second quarter of the previous fiscal year
Most analysts were expecting the Q2 GDP growth data to moderate to around 6.8%
The 7.6% GDP growth is a slight moderation from the 7.8% GDP growth witnessed in the first quarter of FY24.The Indian economyhas also
in Q2 of 2023-24 as against Rs 38.78 lakh crore in the second quarter of 2022-23
The nominal GDP is estimated at Rs 71.66 lakh crore in Q2 FY24 as against Rs 65.67 lakh crore in Q2 2022-23
This is a growth of 9.1% as compared to 17.2% in Q2 2022-23.India's Q2 GDP data, while a moderation from the first quarter, is much above
analysts' estimates of 6.8%
It is also more than a percentage point above RBI's estimates of 6.5%The manufacturing sector has grown at a strong 13.9% verses -3.8%
YoYMining and quarrying has also seen a robust growth of 10% versus -0.1% YoYAgriculture, Livestock, Forestry - Fishing growth has slowed
down to 1.2% versus 2.5 YoYTrade, Hotels, Transport, Communication - Services related to Broadcasting growth has slowed to 4.3% versus 15.6%
YoYElectricity, Gas, Water Supply - Other Utility Services grew at 10.1% versus 6% YoYConstruction also saw a good growth of 13.3% versus
5.7% YoYMeanwhile, S-P Global Ratings has recently revised India's growth forecast for the current financial year, expecting a rise to 6.4%
from 6% due to robust domestic momentum offsetting challenges like high food inflation and weak exports
For the following fiscal year (2024-25), the agency cut growth estimates to 6.4%, anticipating a slowdown in the second half of the current
fiscal year due to a higher base impact and sluggish global growth.S-P noted that emerging market economies like India, Indonesia, Malaysia,
and the Philippines are on track for robust growth due to solid domestic demand
While fixed investment in India has considerably rebounded, the agency mentioned a transient spike in food inflation in the July-September
quarter, having minimal impact on the underlying inflation dynamics
However, headline inflation remains above the Reserve Bank of India's 4 per cent target, indicating a continued delay in the rate cycle
