India’s Economy Continues To Grow In Fourth Quarter Of Latest Fiscal Year: Bloomberg

According to a Bloomberg survey of economists, India’s economy is expected to maintain its pace of growth in the fourth quarter of last year.

A poll of 26 economists forecast economic growth of 5.1% in the first three months of 2023, up from 4.4% in the previous quarter.

GDP growth of 7% is projected for the entire financial year.

The CSO (Central Statistical Office) will release preliminary GDP figures for 2022-23 on May 31.

Reserve Bank of India (RBI) Governor Shaktikanta Das said last week that growth in 2022-23 could exceed the official forecast of 7%.

Also, a recent report released by the National Bank of India (SBI) said that the Indian economy will rise above the 7% level to 7.1% in 2022-2023.

This is in line with the NSO’s provisional forecast of 7% growth in the January-March quarter.

“India is expected to embark on a different path with a focus on its growth drivers, aiming for a new upswing in resilient manufacturing while continuing its power struggle and helping efficiency gains in the service sector.” said the SBI report.

“On the ground, domestic consumption and investment should benefit from improved prospects for agricultural and related activities, stronger business confidence and consumer confidence, and strong credit growth, while inflationary pressures ease.

In the background the supply response and cost situation should improve.” It said at the CII meeting last week that the momentum generated in the third and fourth quarters would push growth above 7%. “While the third quarter initially appeared to have latent demand to support the economy, all economic indicators for the fourth quarter of last year show that the economy is still gaining momentum.”

“In fact, almost all of the high-frequency indicators we monitored, about 70 of them, maintained their momentum in Q4, so it wouldn’t be surprising if growth was just above his 7%.”

(WITH INPUT FEED)