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Key highlights of the research report as under-

• Despite a major drag from a high trade deficit and slow manufacturing activities, India recorded the best growth among major countries in Q1 FY23.Revival of services and private consumption coupled with buoyant fixed investment were redeeming features.
• Behind expectation but still best in the world. India's GDP growth in Q1FY23 at 13.5% was behind our and consensus expectations. High net export deficit (4.5% points higher than average) and low manufacturing growth partly spoiled an otherwise strong all-round performance, which once again made India the fastest-growing major economy.
• Consumption rebound, investment robust. Nine-quarter high agricultural growth coupled with strong food prices seem to have played an important role in revival of rural demand. With already buoyant urban demand this resulted in record high growth in private consumption. Simultaneously strong performance of fixed investment continued, leading to 10-year high share of fixed investment in GDP.
• Services back to normal. The segment was most impacted by the pandemic. With normalization, these activities grew the fastest, contributing over two-thirds of GVA growth.
• India likely to be the fastest-growing major economy. The IMF expects India to maintain this position during 2022-07. While factors such as the  global growth slowdown, geo-political uncertainties and policy tightening would impact India, especially exports, strong domestic demand is reassuring. Expect India to grow 7.5% in FY23.

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