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Below is Statement on GDP Data by Mr Vikas Gupta, CEO and Chief Investment Strategist, OmniScience Capital

GDP growth came out broadly in line with market expectations. Slowdown in manufacturing is a cause for concern. However, the high growth in travel, financial services, construction, defence etc was encouraging. Also, credit growth at 20% bodes well for future growth. Government spending has slowed but is likely to pick-up significantly in H2. Exports and Imports growing 24% and 40% shows that the economy continues to be healthy. Overall, the domestic economy and exports continue being strong despite challenges in the global economy. India continues being one of the few major economies in the World which is likely to emerge growing at nearly 7% in real terms in 2023. The data so far doesn’t seem to show any major challenges to this scenario"

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