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CareEdge Research Report
The Indian economy made resilient progress in FY23 despite the drag from the global spillovers. Inline with our projection, India's gross domestic product is estimated to grow by 7% in FY23 as per the First Advance Estimate, after a growth of 8.7% in the previous fiscal.
Growth in the current financial year was supported by a visible pick-up in the services sector. Manufacturing sector, which has been consistently under pressure due to high raw material costs and uneven demand recovery, dragged down overall growth.
With global growth slowing, there was a widening of net exports that ate into overall GDP growth.
With 9.7% growth achieved in H1 FY23, the H2 FY23 growth works out to 4.5% which is pretty much inline with ours and Reserve Bank of India's estimate. The higher growth in H1 was mainly because of low base of the previous year. On a sequential basis growth is likely to improve in H2 FY23.
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