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The GDP progress in April-June quarter this fiscal stood at 20.1 per cent. The Indian financial system had contracted by 24.4 per cent in April-June final yr.
In worth phrases, the GDP stood at Rs 35,73,451 crore in July-September 2021-22, greater than the Rs 35,61,530 crore within the corresponding interval of the 2019-20 monetary yr.
Most consultants felt that India’s GDP progress within the second quarter of FY22 is alongside anticipated traces with the financial system gaining momentum.
This is what they mentioned …
The actual GDP progress in Q2 at 8.4% has been barely higher than consensus however according to our expectations. Whereas providers was a drag in Q1, with improved traction for high-contact actions, this section has finished comparatively higher in Q2
Sujan Hajra, chief economist, Anand Rathi Securities, Mumbai
We count on India to clock 9.5%-10% progress in FY22 … With progress revival and sticky core inflation, we count on the Reserve Financial institution of India to undertake phased withdrawal of liquidity and begin elevating the coverage charges quickly
Madhavi Arora, lead economist at Emkay International Monetary Providers
(The Q2 GDP) information affirms that the financial system is on steady mend and can doubtless be again to pre-pandemic ranges earlier than end-FY22.We reckon that the nascent restoration forward should still be partly led by capital and earnings and will have traces of a scarred and segmented labor market (as seen by slowing rural demand) and sub-optimal efficient fiscal coverage stimulus. Nevertheless, exogenous demand drivers within the type of exports and sustained authorities capex will probably be wanted to create a progress bridge until personal funding and consumption get well optimally
Sujan Hajra, chief economist, Anand Rathi Securities, Mumbai
The restoration is led by the providers sector, with particular person mobility again to pre-Covid ranges, and ultra-accommodative monetary circumstances, in addition to greater authorities expenditures
Gaura Sen Gupta, economist with IDFC First Financial institution, Mumbai
The GDP progress for Q2 at 8.4% confirms that the financial system gained traction within the second quarter. On the provision facet, agriculture progress offered help, together with a pick-up in service sector progress at 10.2% as contact-intensive providers improved together with monetary and actual property sectors
Sakshi Gupta, senior economist, HDFC Financial institution, Gurugram
The advance in GDP progress in Q2 is on anticipated traces. With elevated vaccination and financial system transferring again to normalcy, most excessive frequency financial indicators have bounced again above pre-COVID-19 ranges. Company efficiency as mirrored by quarterly outcomes has additionally been displaying wholesome enchancment within the financial system.
Rajani Sinha, chief economist and nationwide director (analysis), Knight Frank India, Mumbai
The GDP progress for Q2 got here a tad decrease than our estimates, led by disappointment in restoration of commercial sector, primarily manufacturing. Spectacular momentum of vaccination, releasing of the pent up demand primarily in providers sector, nascent uptick in personal funding urge for food and accelerated momentum of presidency spending in H2FY22 will stay supportive hereon, at the same time as elevated inflation and weak rural sentiments are rising as dangers on the horizon
Garima Kapoor, economist (institutional equities), Elara Capital, Mumbai
(With inputs from Reuters)
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