India Economy Update - Exports Under Pressure; Domestic Economy Seems Resilient: Nirmal Bang

Nirmal Bang Report

In the first fortnight of November 2022, the domestic economy continued to hold up well while data revealed that exports are under pressure. India's merchandise exports declined by 16.7% YoY while imports grew by 5.7% YoY in October 2022.

Non-oil, non-gold imports grew by 2.4% YoY. Urban unemployment edged up to 7.9% from 7.2% in the previous fortnight. Rural unemployment moderated to 6.6% from 7.8% in the previous fortnight, suggesting possibility of a rural pick-up.

Area sown under rabi crops was reported at 26.9 million hectares as of November 18, 2022, up 7.2% YoY. Acreage under wheat increased by 14.7% YoY while area under coarse cereals decreased by 2.8% YoY.

Area sown under pulses was down by 3.7% YoY while area under oilseeds grew by 12.8% YoY. According to the latest data, procurement of rice stood at 16.91 million tonnes as on November 15, 2022, up by 1.9% YoY.

Electricity generation and credit growth remained healthy, although both dipped marginally from the previous fortnight.

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