India's Q2 FY23 GDP Growth Pegged At 6.3%; External Slowdown Poses Chief Risk To H2 Growth: 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.With a normalising base effect related to the waning of Covid 2.0, India's gross domestic product growth halved to 6.3% in Q2 FY23 from 13.5% in Q1 FY23 in YoY terms, printing similar to our forecast (up 6.5%). However, relative to the respective pre-Covid quarters, the pace of growth doubled to 7.6% in Q2 FY23 from 3.8% in Q1 FY23, which we believe provides a more meaningful gauge of the underlying momentum of economic activity. The YoY GDP growth in Q2 FY23 was boosted by the performance of private final consumption expenditure (up 9.7%) and gross fixed capital formation (up 10.4%), whereas government final consumption expenditure ( down 4.4%) displayed a contraction, and net exports exerted a deeper drag. The gross value added growth of 5.6% in Q2 FY23 trailed our forecast (up 6.3%) by a wide margin. While the services sector (up 9.3%) expectedly stood out as the clear driver of the GVA growth in Q2 FY23, the 4.6% growth in agriculture, forestry and fishing seems somewhat optimistic, based on the decidedly mixed YoY trend revealed by the first advance estimates of the kharif crop, that were followed by unseasonal heavy rainfall towards the end of the monsoon season..Click on the attachment to read the full report:.DISCLAIMERThis 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.

India's Q2 FY23 GDP Growth Pegged At 6.3%; External Slowdown Poses Chief Risk To H2 Growth: ICRA

With a normalising base effect related to the waning of Covid 2.0, India's GDP growth halved to 6.3% in Q2 FY23 from 13.5% in Q1.

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