India’s economy has shown remarkable resilience in the fourth quarter of FY23, surpassing expectations with a growth rate of 6.1%. This is a significant improvement compared to the 4.4% growth witnessed in Q3. Moreover, the overall growth for the fiscal year 2022-2023 stands at an impressive 7.2%.
The release of India’s Gross Domestic Product (GDP) data by the NSO office has revealed a strong revival in the Indian economy. The Q4 numbers indicate a broad-based recovery across various sectors, including manufacturing, mining, construction, and agriculture.
While manufacturing growth remained consistent, the farm and agriculture sectors have emerged as surprise elements, contributing to the overall economic upturn.
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Umesh Kumar Mehta, CIO of SAMCO MF, has highlighted the positive impact of government investments in driving economic activity. However, he also points out that the consumption side of the economy is yet to catch up, presenting a potential area for improvement. Nevertheless, the robust capital expenditure-led approach has helped sustain India’s economic growth, positioning it favorably compared to other major global economies.
Given the encouraging Q4 GDP numbers, market analysts anticipate positive market performance and potential policy revisions by the Reserve Bank of India (RBI) in its upcoming meetings. The Indian economy’s resilience and growth trajectory offer promising prospects for the future.
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