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Dolat Capital Report
The macroeconomic data for April-May 2022 is impacted by global supply disruptions, rising interest rates and inflationary pressures. Consumption indicators including vehicle sales, subscriber additions, rural job creation alludes to revival in demand. Credit growth at continues to show strength, despite a seasonally weak quarter.
Key industrial sectors witnessed muted production growth for March-22- Index of Industrial Production (up 1.9% YoY), durables (down 3.2%), non-durables (down 5%), Steel (down 1%), cement (8%).
Supply-side bottlenecks, especially related to coal and chips in the automobile sector weighed on the IIP.
Manufacturing, with the biggest share in industrial growth, has remained weak, along with continued poor performance of consumer durables and non-durables segment that has contracted in March.
Demand for passenger vehicles remained strong, despite production limitations due to a global shortage of semiconductors. There was strong traction in commercial vehicle and tractor in May month.
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