Quote on Q2 GDP FY24 By Mr. Vivek Rathi, Knight Frank India
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Below is Perspective on Q2 GDP FY24 By Mr. Vivek Rathi, Director Research, Knight Frank India.
“The 7.6% GDP growth in the September quarter has far exceeded the RBI’s 6.5% estimate for the period, ensuring that India remains on the growth path despite multiple global headwinds arising from economic and geo-political uncertainties. Noticeably, while the share of private consumption in the GDP has decreased, there is a noticeable increase in the share of investments, as reflected in the Gross Fixed Capital Formation (GFCF). This suggests a shift in the economic landscape, where, despite private consumption being a key driver of economic growth, investments are gaining momentum.
The growth in investments holds significance for the revival of the Capital Expenditure (CapEx) cycle in the economy, which, in turn, supports long-term growth. Notably, the construction (13.3) and manufacturing (13.9%) sectors have played a pivotal role in driving economic growth during the second quarter of FY24. The ongoing upswing in the real estate sector and increased infrastructure activities are expected to further boost growth in the construction sector.
As a derived demand, the upturn in the CapEx cycle and the strengthening domestic profile of consumers should prove to be strong drivers of India's real estate market. The continuation of the real estate upcycles, coupled with the increased focus on infrastructure development will support the sustained growth of the construction sector.”
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