GDP data for April-June 2022 quarter: India’s GDP data for April-June quarter of FY23 grew in double digits but missed analysts’ estimates. India GDP numbers came at 13.5% on-year, as per provisional estimates released by National Statistical Office on Wednesday. India’s GDP had expanded by 20.1 per cent in the corresponding period of the previous fiscal. April-June manufacturing sector grew at 4.8 per cent versus 49 per cent in FY22, while mining sector grew at 6.5 per cent vs 18 per cent on-year. In a separate government data, the central government’s fiscal deficit touched 20.5 per cent of the annual target at the end of July 2022-23 against 21.3 per cent a year ago, reflecting improvement in public finance. In actual terms, the fiscal deficit – the difference between expenditure and revenue – was Rs 3,40,831 crore during the April-July period this financial year. A fiscal deficit is a reflection of government borrowings from the market.
The next release of quarterly GDP estimates for the quarter July-September, 2022 (Q2 2022-23) will be on 30.11.2022
India's farm sector growth came in at 4.5 per cent versus 2.2 per cent on-year.
April-June mining sector grew at 6.5 per cent vs 18 per cent on-year
April-June Manufacturing sector grew at 4.8 per cent versus 49 per cent in FY22
Apr-Jun GVA growth at 12.7% vs 18.1% on-year, Apr-Jun farm sector growth at 4.5% vs 2.2% on-year
Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of ₹ 36.85 lakh crore, as against ₹ 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 percent as compared to 20.1 percent in Q1 2021-22
India economy grew in double digits, but missed analysts estimates. Apr-Jun GDP growth at 13.5% on-yr
Final growth rate of Index of Eight Core Industries for April 2022 revised to 9.5% from its provisional level 8.4%
The production growth of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 11.5 per cent in April-July this fiscal against 21.4 per cent a year ago. Crude oil and natural gas production contracted by 3.8 per cent and 0.3 per cent, respectively, during the month under review (PTI)
The output of eight core infrastructure sectors slowed down to 4.5 per cent in July -- the lowest in six months -- against 9.9 per cent in the year-ago period, according to official data released on Wednesday. The output of these infrastructure sectors expanded by 13.2 per cent in June, 19.3 per cent in May, 9.5 per cent in April, 4.8 per cent in March, 5.9 per cent in February and 4 per cent in January. (PTI)
Core sector output slows down to 4.5% in July versus 13.2 in June (PTI)
The central government’s fiscal deficit touched 20.5 per cent of the annual target in the July 2022 quarter against 21.3 per cent a year ago, reflecting improvement in public finance, as per official data released on Wednesday. In actual terms, the fiscal deficit – the difference between expenditure and revenue – was Rs 3,40,831 crore during the April-July period this financial year. A fiscal deficit is a reflection of government borrowings from the market. Read full story
The National Statistical Office, under the Ministry of Statistics and Programme Implementation (MOSPI), will release the country’s GDP data for the April-Jun quarter at 5:30 pm
April-July fiscal deficit at Rs 3.408 lakh crore, 20.5% of Rs 16.612 lakh crore FY23 target.
Our AMEP index provides mixed signals on economic growth in the current fiscal; beyond the base factor, the double digit annualized growth numbers for most macro indicators reflects resilience and a gradual pickup in services sector as well as domestic private consumption despite inflationary headwinds and the global slowdown. Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research
The International Monetary Fund (IMF) last month slashed its global growth projections for 2022 and 2023, and warned of a possible worldwide recession next year. IMF’s forecasts came at a time when the US economy had already shrunk by 1.5% in the March quarter and many fear that growth may have slipped into the negative zone in the June quarter as well. Chances are that the US Federal Reserve rate hikes to check runaway inflation will cause a deeper recession in the world’s largest economy by the end of the year or early next year.
Poorly-directed freebies may wreak havoc with state finances and have adverse consequences on the economy as in the case of Sri Lanka, experts say while noting it is important to define a freebie and how it is different from welfare expenditure. Recently, the Supreme Court said freebies at the cost of taxpayers’ money may push the country towards imminent bankruptcy. Read full story
In mining, Barclay's expect overall growth to be robust due to elevated electricity demand and infrastructure spending, despite reports of coal shortages and depleted inventories. Mining GDP should grow by around 12% y/y in Q2 2022, which would be the strongest rate since Q3 21
Economists see India’s central bank raising interest rates through December, taking the repurchase rate to 6 per cent by the end of this year, the latest Bloomberg survey shows. After cumulative hikes of 140 basis points in three moves since May, economists pencil in another 35 basis-point hike in the September monetary policy review, and a quarter-percentage point increase in December, bringing the main interest rate to 6 per cent. A previous survey estimated the repo rate to reach 6 per cent by the end of June 2023. Read full story
Barclays estimates India’s economic growth to have accelerated to 16% on-year in the Apr-Jun quarter. The firm expects India’s economy to show a full recovery from COVID in the quarter under review, with the services sector fully open, trade activity at a peak and domestic demand holding strong.
India is likely to report that the nation’s economy grew in double digits in the fiscal first quarter, mainly due to base effect, but also helped by consumption boost and demand improvement. Analysts estimate India’s GDP in April-June quarter grew as much as 16% on-year, as the economy staged a full recovery from Covid-led restrictions. Read full story