Agriculture grew 5.5% while manufacturing growth came in at 4.5% Says Mohit Ralhan, TIW Capital
Below Perspective on GDP Data By Mohit Ralhan - Chief Executive Officer, TIW Capital
"The March quarter growth has come out better than estimates, cementing India's position among the fastest-growing major economies of the world. The economy grew 6.1% YoY in Q4 FY 2023, much higher than 4.5% YoY in the previous quarter. The most critical was the growth in private investment activity. Gross fixed capital formation was up 8.9%, becoming the major growth driver while government expenditure took a back seat. Robust exports and lower imports also helped growth as the trade balance came in largely flat in the fourth quarter. Agriculture grew 5.5% while manufacturing growth came in at 4.5%, a substantial improvement after two consecutive quarters of decline. Construction and other contact-intensive services continued to demonstrate robust growth. It augurs well for the coming quarters.
While RBI expects growth to moderate to 6.5% YoY in FY 2024 owing to global factors, still, India will remain amongst the fastest growing major economy in the world and may surprise on the upside. "Mr. Mohit Ralhan, Chief Executive Officer, TIW Capital
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