Indias Q4 GDP Growth Pegged At Higher-Than-Expected 6.1%: ICRA

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICRA Research Report

India's YoY gross domestic product growth recorded a sharper-than-expected uptick to 6.1% in Q4 FY23 (our expectation: up 4.9%) from 4.5% in Q3 FY23, as per the data released by the National Statistical Office.

The positive surprise in the gross added growth (up 6.5%; our forecast: up 5.1%) in Q4 FY23 was largely on account of industry, particularly manufacturing and construction.

As expected, growth improved from the lows seen in Q3 FY23, and remained uneven. While the growth in gross fixed capital formation was upbeat at 8.9% in Q4 FY23, that in private final consumption expenditure was subdued at 2.8%.

Moreover, the FY23 GDP growth of 7.2% exceeded the second advance estimate of 7.0%. We project the GDP growth to ease to 6.0% in FY24 amid external headwinds, with a downside risk of up to 50 basis points in the event of sub-par monsoons.

Front-loaded Government capex and a rapid execution of infrastructure projects could provide an upside to GDP growth.

Click on the attachment to read the full report:

ICRA GDP Q4 FY2023.pdf

Read Document

Also Read: India's GDP Grows Faster Than Expected At 6.1% In Q4, 7.2% In FY23

DISCLAIMER

This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.